Business
Vedanta withdraws tax dispute lawsuits against the government
Billionaire Anil Agarwal’s Vedanta mining group has withdrawn its lawsuit in Delhi High Court as well as before international arbitration to settle a dispute over arrears tax of Rs 20,495 with the government.
Following the application of a crore tax claim of Rs 10,247 against the UK company Cairn Energy Plc for alleged capital gains made during an internal corporate reorganization in India in 2016, the tax department collected Income has collected Rs 20,495 in tax from Cairn India for not withholding tax on capital gains generated by its British parent company.
Cairn India subsequently merged with Vedanta Limited.
In a statement, Vedanta said it used recently enacted legislation to resolve tax disputes.
As with similar conditions, it withdrew all legal challenges against the government and made a pledge to waive all future rights in relation to the tax claim.