Cairn India Ltd, the petroleum arm of London-headquartered Vedanta Resources Plc, said on Friday, it received a tax notice of Rs 20,495 crore from the Income Tax Department for failing to deduct withholding tax on alleged capital gains by its erstwhile promoter, Cairn UK Holdings Ltd (CUHL), a subsidiary of Edinburgh-based Cairn Energy Plc. The tax demand pertains to Cairn UK Holdings Ltd transferring the shares of Cairn India Holdings Ltd (CIHL) to Cairn India, as part of an internal group reorganization in 2006-07, to facilitate the initial public offering of Cairn India. ´A demand of Rs 20,495 crore (comprising tax of Rs 10,248 crore and interest of Rs 10,247 crore) is alleged to be payable,´ Cairn India said in a filing to the BSE, adding the company didn´t agree with this demand and would pursue ´all possible options´ to protect its interests.
It said it had always been fully compliant with all Indian income tax laws, adding assessments, including those for transfer pricing, were duly completed for 2006-07. It said from media reports, it had understood the department had also made a tax demand on CUHL.
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