Vodafone Releived Form 3700 Crore Transfer Suite

British telecom major Vodafone said Friday the Income Tax Appellate tribunal had stayed a Rs.3,700-crore demand raised by the income tax authorities against the firm's Indian arm.

"Vodafone can confirm that the Income Tax Appellate Tribunal has granted a stay of execution of the Transfer Pricing Order which Vodafone received in December 2011. Vodafone maintains that there is no tax payable on this transaction and will continue to strongly defend its position against this order," it said.

Vodafone India Services Private Limited, the Indian arm of the company, had moved the tribunal for relief after it received a final assessment order last week from the revenue department giving the company 30 days to comply with the proceedings or challenge the order at an appropriate forum.

Vodafone received the tax demand last week, which added to the Rs.11,200 crore-plus tax liability it is already facing after it acquired Hong Kong-based Hutchison Whampoa's Indian cellular operation six years back.

Source : IANS