Within weeks of tax tribunal ITAT upholding levy of retrospective tax, the income tax department has slapped a fresh demand note of Rs 10,247 crore on British explorer Cairn Energy Plc. The income tax department had raised a tax demand of Rs 10,247 crore and another Rs 18,800 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 per cent of any tax finally agreed).

Source: Hindustan Times April 09, 2017 09:56 UTC