Vodafone not liable for $4.4B India tax bill

MUMBAI, India (AP) ? India's top court says British telecom giant Vodafone is not liable for up to $4.4 billion in back taxes and penalties.

Vodafone lawyer Harish Salve says the court has issued a "concurring judgment" and ordered the company's deposit on its tax bill to be refunded.

Friday's ruling comes as a relief to international investors in India who feared the Vodafone precedent would have exposed them to new tax liabilities.

The dispute centers on Vodafone's $11 billion acquisition of the Indian telecom assets of Hong Kong's Hutchison Telecommunications in 2007.

Vodafone says it doesn't owe tax on the deal because it took place between two foreign entities.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-20-AS-India-Vodafone/id-e2a09aceff4c44c4b81f4eaf8f30de54

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