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TMI Blog2018 (5) TMI 1096X X X X Extracts X X X X X X X X Extracts X X X X ..... ich has been provided by the parent company to cover the unpaid amount would continue with this adjustment. - Civil Application (OJ) No. 1 of 2018 In R/Tax Appeal No. 52 of 2018 - - - Dated:- 21-3-2018 - MR. AKIL KURESHI AND B. N. KARIA, JJ. For The Petitioner : Mr SN Soparkar, Sr Advocate with Ms. Fereshte Sethna, Mr Mrunal Parekh, Mr. Adhiraj Malhotra Mr. B S SOPARKAR For The Respondent : Mr Kamal Trivedi, Advocate General with Mr. Manish Bhatt, Sr Advocate for Mr. Varun K.Patel, Advocate ORAL ORDER ( PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) We have heard learned senior advocate Shri Saurabh Soparkar for the appellant-assessee and Shri Kamal Trivedi and Shri Manish Bhatt, learned senior counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would not apply. This issue and similar other issues have been examined by the Supreme Court in the case of Vodafone International Holdings B.V. vs. Union of India Anr., reported in [2012] 341 ITR 1 (SC) as well as by the Bombay High Court in the case of Vodafone India Services P. Limited. v. Commissioner of Income-Tax Anr., reported in [2016] 385 ITR 169 (Bom). Inevitably, reference would be made to the following judgments viz., [i] Vodafone International Holdings B.V v. Union of India Anr., reported in [2010] 329 ITR 126 [Bom] and [ii] Vodafone International Holdings B.V v. Union of India Anr., reported in [2012] 341 ITR 1 [SC] and [iii] Vodafone India Services P. Limited v. Commissioner of Income-tax Anr., reported in [2016] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Act was not applicable, as these options had not been transferred till then. As is well-known, this judgment of the Supreme Court gave rise to certain amendments in the Income-tax Act, 1961. Revenue would heavily rely on amendment in Section 2 [14] of the Act where the term, Capital Asset has been defined and the following explanation was added to the said section. Section 2 [14] Explanation For the removal of doubts, it is hereby clarified that property includes and shall be deemed to have always included any rights in or in relation to an Indian Company, including rights of management or control or any other rights whatsoever. Likewise, Explanation 2 was added to Section 2 [47] which defines th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et, can be assigned any cost of acquisition and whether the Tribunal was correct in assigning its market value on the basis of what the Revenue would refer to as comparable sale instance. The tax liability arising out of the judgment of the Tribunal is in the vicinity of ₹ 507.74 Crores. We are informed that the assessee has so far deposited ₹ 76.87 Crores. Under the circumstances, further coercive recovery arising out of the judgment of the Tribunal would be stayed on condition that the applicant deposits a further sum of ₹ 23.13 Crores with the Department latest by 20th April 2018. This would make the total deposit by the applicant including so far made, to ₹ 100 Crores which would be approximately 20% of the ou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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