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India challenges Vodafone retrospective tax case verdict in Singapore tribunal
The decision to file the appeal in a court in Singapore was taken after “top ranking” officials met with officials from the Department of Telecommunication (DoT) and Ministry of Finance, and instructed them not to wait on the issue, one of the sources said. Updated: December 24, 2020 11:53:34 pm
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The Indian government has challenged the verdict delivered in the Vodafone retrospective taxation case by the Singapore seat of Permanent Court of Arbitration of The Hague, sources in the know of the development told The Indian Express.
Retrospective tax: After Vodafone, India loses Cairn arbitration case
The international tribunal also ruled that India’s demand of $1.2 billion in retrospective tax was “in breach of the guarantee of fair and equitable treatment”. December 24, 2020 3:50:01 am
The Cairn India Ltd. logo is displayed on a sign outside the venue of the company s annual general meeting in Mumbai, India, on Thursday, Aug. 18, 2011. (Photographer: Adeel Halim/Bloomberg)
Cairn Energy Plc won a major relief on Wednesday as the Permanent Court of Arbitration at The Hague ruled that the Indian government’s retrospective tax demand against the global oil and gas major was “inconsistent” with the UK-India bilateral treaty.
Cairn wins arbitration ruling against India in tax dispute: What is this case?
Like Vodafone, this dispute between the Indian government and Cairn also relates to retrospective taxation. Written by Aashish Aryan , Edited by Explained Desk | New Delhi | Updated: December 29, 2020 9:09:19 am
Worker cycles by machinery at Cairn India, Oil and Gas exploration plant at Barmer in Rajasthan. (Photo via Bloomberg)
The Permanent Court of Arbitration at The Hague has ruled that the Indian government
was wrong in applying retrospective tax on Cairn. In its ruling, the international arbitration court said that Indian government must pay roughly Rs 8,000 crore in damages to Cairn.
“The industry has flagged about 150 job options where AI could be used and the workforce could be put to better use. Some concerns of job losses have been highlighted and we are working to solve those,” a senior government official said.
The push for “judicious” use of AI technology has been flagged by “very senior government officials” after Prime Minister Narendra Modi had said the same in one of his speeches earlier this year, one of the officials said.
Earlier this year, the Prime Minister had while addressing RAISE 2020 in October, a global AI summit organised by the IT Ministry said that that while there were very few things which were as empowering and easily accessible as AI, it was equally important that the technology be used responsibly.