Firm in its stand that no tax is payable on its $11.2 billion deal in 2007, Vodafone has said it is looking forward to the final hearing in February 2011. Meanwhile, the Supreme Court has asked the operator to deposit Rs 25 billion in three weeks. Besides, the Court has also directed the company to furnish bank guarantees worth Rs 85 billion in eight weeks.
Vodafone said it will provide the deposit and the bank guarantee as asked by the Court. However, it maintained that it is confident that there is no tax liability resulting from the transaction and all the tax and legal advice it has received remains consistent with this view.
Vodafone had been maintaining that no tax is payable by the company and that Indian authorities has no right to tax the deal which took place on foreign soil.
