Centre notifies rules to settle Vodafone retrospective tax case

Vodafone Plc is required to give a declaration to the Income-Tax Department, withdrawing all legal proceedings against the government over the levy of retrospective taxes

The Central Board of Direct Taxes (CBDT) has notified a separate rule to settle the long-drawn retrospective tax dispute with Vodafone Plc.
 
According to it, the British telecom giant is required to give a declaration to the Income-Tax (I-T) Department, withdrawing all legal proceedings against the Central government over the levy of retrospective taxes, besides the indemnity it has to give against any claims and commit not to seek any damages.
 
The new rule is in line with the basic structure notified on October 1 for settling retrospective taxation cases that arose due to the controversial 2012 amendment