Bombay HC rejects Vodafone's petition against I-T dept

The Bombay High Court, in a very significant ruling, today dismissed telecom major Vodafone International's petition challenging the income tax department's show-cause notice for payment of capital gains tax of around $2 billion.

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However, the division bench of Justices S Radhakrishnan and Anand Nirgude,  continued the earlier stay on the I-T department's show-cause notice for further eight weeks to enable Vodafone file an appeal.

Vodafone's representative said that the company would be filing an appeal in the Supreme Court very soon.

Vodafone Holdings International, a Netherland-based company, picked up the stake of Hutchisson in Hutchisson-Essar to form the new entity Vodafone-Essar in a $11.2 billion deal in 2006

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