Bombay HC rules in favour of Vodafone in transfer pricing case
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Bombay High Court has ruled in favour of Vodafone Group Plc in a transfer pricing dispute, two television stations reported on Friday.
Vodafone had appealed against the Income Tax Department's decision to add about Rs 3,200 crore ($523 million) to its taxable income for the financial year 2009/10, CNBC TV18 said.
The IT Dept had alleged share undervaluation between Vodafone group entities to which Vodafone countered by accusing IT Dept of taxing 'non-existent' income
Vodafone is among several multinational companies involved in transfer pricing disputes with Indian tax authorities.
The ruling might set a precedent for 25 other companies facing similar tax demands.
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