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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. ....
economy Dec 23, 02:12 The decision against the Indian government in the Cairn Energy retrospective taxation arbitration case has put the former in a conundrum. As the amount involved is huge, India could be forced to challenge the verdict by the International Court of Justice at the Hague, a source told Moneycontrol. A final decision on the matter is yet to be taken, however, and could take time as the government is still studying the verdict, the source added. This could also influence the Centre s pending decision on whether to challenge the earlier Vodafone verdict as well. The government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government will consider all options and take a decision on further course of action, including legal remedies before appropriate fora, the government said in a press release. ....