Income-tax department sells more shares of Cairn Energy to recover retrospective tax


Income-tax department sells more shares of Cairn Energy to recover retrospective tax

The income-tax (I-T) department has sold more of Cairn Energy’s shares in mining major Vedanta to recover a part of the Rs 10,247 crore retrospective tax demand, the British firm said Tuesday.

The I-T department, which had in May and June sold a little under two per cent Cairn’s holding in Vedanta for about $231 million, sold a further one per cent last month when an international arbitration tribunal was holding the final hearing in The Hague against the imposition of a retrospective tax.

Cairn in its half-yearly report announcement on Tuesday reported a loss of $500.5 million as a result of the de-recognition and loss of financial assets in India.Read More

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