Bombay HC grants Idea relief in Rs 1500 cr tax case

The Bombay High Court on Thursday granted relief to Idea Cellular in Rs 1500-crore tax case. The court has granted Idea interim stay by barring the I-T department from initiating recovery proceedings, reports Ashmit Kumar of CNBC-TV18.

In April this year, the I-T department had slapped tax notice on Idea Cellular and its subsidiary, Aditya Birla Telecom respectively, in relation to transfer of assets and licences between the two companies in 2009.  While Idea was given a Rs 1500 crore notice, ABTL received Rs 2400 crore tax notice.

The taxman had claimed that licence, asset and liability transfers resulted in capital gains to the companies.

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