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Cairn tax dispute I-T dept orders recovery of ₹ 10K cr

News and Press Release - Dated:- 19-6-2017 - New Delhi, Jun 19 (PTI) The Income Tax Department has ordered coercive action against Cairn Energy Plc to recover ₹ 10,247 crore of retrospective tax after the British oil firm lost a challenge to the move before an international arbitration panel. The department ordered taking away USD 104 million dividend due to it from its remaining stake in the erstwhile subsidiary Cairn India (now called Vedanta Ltd) and another ₹ 1,500 crore of tax r .....

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dia Ltd (VIL) directing it to pay over any sums due to Cairn. Sums due to Cairn from VIL now total USD 104 million, including historical dividends of USD 53 million and a further dividend of USD 51 million after the merger of CIL and VIL, it said. The company said however that it will continue with the international arbitration proceedings against the retrospective tax demand. Cairn is seeking full restitution for (UK-India Bilateral Investment Treaty) Treaty breaches resulting from the expropri .....

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