14/12/2021
Our Partner Paras Savla was quoted in story in The Economic Times
"The government has taken a landmark step by introducing Taxation Laws (Amendment) Act for reversal of retrospective tax, which has brought lots of certainty in the tax regime," said Paras Savla, partner at KPB & Associates, a tax advisory firm. Many pending disputes such as this are expected to be settled due to this move, he said. “To take advantage of the reversal of retro tax and settle tax disputes, the law demanded that the concerned company, along with its affiliates related entities, withdraw pending appeals, suits, claims, etc., or termination of the arbitral proceedings before any forum, whether in India or outside India."
https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/vedanta-withdraws-all-petitions-against-tax-dept-to-settle-retrospective-tax-demand/articleshow/88263695.cms?from=mdr
The revenue department had raised a tax demand on Cairn UK Holdings for alleged capital gains it made in a 2006 business reorganisation of its Indian entity, Cairn Energy Plc, and Vedanta, which had acquired Cairn India from its parent company in 2011.
