ISSN 2581-5369
HeinOnline, MANUPATRA, Google Scholar Indexed
Cairn Energy vs Retrospective Tax: End of a Decade Long Battle
-
Anushka Singh
Student at Unitedworld School of Law, Karnavati University, India
Abstract
The retrospective amendments made to taxation laws in 2012 had enabled the Indian Government to tax gains since the implementation of the Income Tax Act, 1961. Including offshore transactions of assets of substantial value in India by foreign conglomerates. This was done to incapacitate companies like Vodafone and Cairn, among others, to elude tax dues in India. This paper elucidates the recent case of Cairn Energy against the Government of India under this backdrop. Initially, it explains the reasons that led to the implementation of retrospective tax with reference to the Vodafone Tax Dispute (2012). Further, it sheds light on the circumstances that led the Government to pass a new amendment (2021) in the Income Tax act, 1961-nullifying the retrospective aspect of the legislation for transactions prior to 2012 and its effect on the current economic environment.
Type
Research Paper
Information
International Journal of Law Management and Humanities, Volume 5, Issue 1, Page 852 - 856
DOI: https://doij.org/10.10000/IJLMH.112542Creative Commons
This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.
Copyright
Copyright © IJLMH 2021