UK-based Cairn Energy plc has approached an international arbitration panel seeking an injunction against Indian income tax department initiating proceedings to recover Rs 10,247 crore in retrospective tax.
Within weeks of tax tribunal ITAT upholding levy of retrospective tax on 2006 transfer of shares by the UK firm to a newly created Indian unit Cairn India, the Income Tax Department had on March 31 issued a fresh demand notice of Rs 10,247 crore and set June 15 as the time to pay ..
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