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Published on May 25, 2011
The conventional practice in many parts of the world is to own foreign assets, particularly those that are not core, through a chain of subsidiaries, many of them registered in tax havens. One of the advantages is that the deal does not attract capital gains tax. The Indian Revenue department has, however, challenged this. The tax authorities have claimed US$2 billion in the US$11.1 billion Vodafone acquisition of Hutchison Essar. The world is watching, says Ajay Vohra of Vaish Associates in this interview with India Knowledge@Wharton. Vaish spoke on several other issues.