New Delhi: Within weeks of Income Tax Appellate Tribunal (ITAT) upholding levy of retrospective tax, the income tax department has slapped a fresh demand note of Rs10,247 crore on British explorer Cairn Energy Plc. The income tax department had raised a tax demand of Rs10,247 crore and another Rs18,800 crore in interest for 10 years. from 30 days following the date of the original 2016 final assessment order,” Cairn said in a notice to shareholders. Cairn Energy had in 2011 sold Cairn India to Vedanta. The final assessment order did not include any penalties which may also be applied to the final assessment (potentially up to 300% of any tax finally agreed).

Source: Mint April 09, 2017 07:30 UTC