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. The company had on January 24, 2014 received a draft assessment order for the alleged capital gains it made in 2006. Cairn Energy had in 2011 sold Cairn India to Vedanta.

Source: dna April 09, 2017 06:52 UTC