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India refunds Rs 7,900 cr to Cairn to settle retro tax dispute
2 years, 10 months ago

India refunds Rs 7,900 cr to Cairn to settle retro tax dispute

The Hindu  

The Indian government has paid Cairn Energy Plc ₹ 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country’s image as an investment destination. Cairn dragged the government to international arbitration over the levy and enforcement proceedings and on December 22, 2020, got a favourable ruling that …

India Arbitration Indian Company Demand Crore Refund
Cairn ‘fulfils’ retro tax repeal steps, awaits ₹7,900 crore refund
2 years, 10 months ago

Cairn ‘fulfils’ retro tax repeal steps, awaits ₹7,900 crore refund

The Hindu  

U.K.’s Cairn Energy on Tuesday said it has complied with all rules of the retro tax repeal law to now become eligible for about ₹7,900 crore refund of taxes that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government in the seven-year-old dispute over the levy of back taxes, the …

Refund Retrospective Tax
Retro Tax: Cairn drops lawsuits in U.S., U.K.; completing formalities in Paris, Netherlands
2 years, 11 months ago

Retro Tax: Cairn drops lawsuits in U.S., U.K.; completing formalities in Paris, Netherlands

The Hindu  

Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the U.S. and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about ₹7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government …

India Netherlands Tax Court Taxes Indian Crore
New York court pauses tax suit to allow Cairn to settle dispute with India
3 years, 2 months ago

New York court pauses tax suit to allow Cairn to settle dispute with India

Firstpost  

This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country A New York court has paused Cairn Energy’s pursuit of US assets of Air India for the recovery of USD 1.2 billion arbitral award, so as to allow …

India Tax Court Indian Air New York Crore
Govt amends Income Tax Act, retrospective tax rule junked
3 years, 4 months ago

Govt amends Income Tax Act, retrospective tax rule junked

India TV News  

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws Bill, 2021' in the Lok …

Cases Indian Assets Income Tax Act Transfer Income Act
Cairn Energy freezes 20 Indian govt assets in Paris after court order: Report
3 years, 5 months ago

Cairn Energy freezes 20 Indian govt assets in Paris after court order: Report

India Today  

Britain’s Cairn Energy Plc has effectively seized 20 Indian government properties in Paris after securing an order from a French court. The report said that the French court had ordered Cairn Energy’s takeover of Indian government properties, mostly comprising flats, on June 11. Explained | Why Cairn Energy is moving to seize Indian assets This is the first asset freeze …

India Energy Arbitration Tax Indian French Cairn
Why Cairn Energy's move to attach Air India's assets in $1.2 billion tax case has the Centre in a fix
3 years, 7 months ago

Why Cairn Energy's move to attach Air India's assets in $1.2 billion tax case has the Centre in a fix

India Today  

The recent move by UK’s Cairn Energy Plc--threatening to seize the assets of national carrier Air India to enforce a $1.2 billion arbitration award the former had won against the Indian government last year--has proved to be extremely embarrassing for the Centre. Cairn Energy has moved the US district court for the Southern District of New York, seeking to make …

India Arbitration Tax Court Indian Case Centre
Voda Tax Case: India Files Application in Singapore High Court Against Arbitration Panel Verdict
3 years, 10 months ago

Voda Tax Case: India Files Application in Singapore High Court Against Arbitration Panel Verdict

News 18  

New Delhi: India has challenged in the Singapore High Court an international arbitration tribunal's verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, and the order passed in Cairn Group's case is under consideration of the government, Parliament was informed on Monday. An international arbitration court had in September last year rejected tax …

India Singapore Arbitration Tax Vodafone Thakur Voda
Hague court cites statements by Modi, Jaitley to overturn Rs 10k crore tax demand from Cairn
3 years, 11 months ago

Hague court cites statements by Modi, Jaitley to overturn Rs 10k crore tax demand from Cairn

Firstpost  

In 2016, the prime minister was quoted by the Financial Times as saying that the government “will not resort to retrospective taxation; we are making our tax regime transparent, stable and predictable” New Delhi: A three-member tribunal at the Permanent Court of Arbitration in The Hague cited statements by Prime Minister Narendra Modi and other ministers pledging not to use …

India Arbitration Order Demand Crore Minister Modi
In Cairn Judgement Against India, Hague Court Cites PM Modi's Statement Pledging Not to Use Retrospective Tax
3 years, 11 months ago

In Cairn Judgement Against India, Hague Court Cites PM Modi's Statement Pledging Not to Use Retrospective Tax

News 18  

A three-member tribunal at the Permanent Court of Arbitration in The Hague cited statements by Prime Minister Narendra Modi and other ministers pledging not to use retrospective taxation to overturn a Rs 10,247 crore tax demand on British oil and gas company Cairn Energy Plc. It ruled that the 2006 reorganisation of Cairn Energy’s India business prior to listing on …

Arbitration Tax Order Demand Jaitley Retrospective Retrospective Tax
Setback For Government As Cairn Energy Wins Arbitration Ruling In High-Profile Tax Dispute - What Is The Case?
4 years ago

Setback For Government As Cairn Energy Wins Arbitration Ruling In High-Profile Tax Dispute - What Is The Case?

ABP News  

Elon Musk Reveals Apple CEO Refused Talks To Acquire Tesla At $60 Billion Cairn Energy has won an international arbitration case against the Indian government over a tax dispute that made international investors nervous over retrospective tax claims on companies. The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded …

Energy Arbitration Billion Vedanta Indian Tax Cairn Energy Cairn India
Cairn Energy wins tax arbitration against India: What the case is all about
4 years ago

Cairn Energy wins tax arbitration against India: What the case is all about

Business Standard  

India lost the Cairn arbitration case.The case was related to the retrospective tax amendment law and the verdict came late night Tuesday. Cairn received a notice from the income tax department in January 2014, raising a preliminary assessment of Rs 10,247 crore tax liability relating to the group reorganisation done in 2006, when Cairn UK transfered about 10 per cent …

India Tax Cairn India Cairn Arbitration Energy Wins
Cairn Energy Wins Investment Treaty Arbitration Against India Over Tax Dispute: Report
4 years ago

Cairn Energy Wins Investment Treaty Arbitration Against India Over Tax Dispute: Report

News 18  

Cairn Energy has won an international arbitration case against the Indian government over a tax dispute, ending one of the most high profile disputes in the country, two sources with direct knowledge of the matter told Reuters. Cairn in March 2015 filed a formal dispute against a demand for more than $1.6 billion from the Indian tax department that dates …

India Energy Tax Indian Department Vedanta Cairn Energy
Setback for India as govt loses retrospective tax dispute case against energy giant Cairn
4 years ago

Setback for India as govt loses retrospective tax dispute case against energy giant Cairn

India Today  

In what seems to be another setback for India after Vodafone, energy giant Cairn has won an international arbitration against the government over a retrospective tax dispute, said the company on Wednesday. A three-member tribunal, comprising a judge appointed by the Indian government, ruled that India’s claim of Rs 10,247 crore in past taxes over a period of 2006-07 internal …

Cairn Indian Tax Retrospective Taxes