A Pranabda bequeath…

Pranab Mukherjee, as finance minister in 2012, introduced a retrospective amendment to the Income Tax Act in the budget to overturn a Supreme Court ruling in favour of telecom firm Vodafone.

Now comes news on the government losing its c case involving a cost of $ 1.4 billion, just three months after losing the arbitration case against Vodafone that involved.

Rs 22,100 crore. Both relate to the untenability of retrospective amendment of laws relating to income tax on acquisition of companies through deals outside India. The lawyer-studded UPA administration resorted to the amendment despite tax experts pointing to issues of moral and legal untenability.

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