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News INCOME TAX

  • Jul 10, 2018
  • I-T dept sells part of Cairn Energy's shares in Vedanta to recover tax dues

    The Income Tax department has sold a portion of Cairn Energy’s shares in Vedanta Ltd in a bid to recover some of the tax dues. In a statement to the exchanges, Cairn Energy said, “Cairn has now been notified by the IITD (Indian Income Tax Department) that it has sold part of Cairn’s shareholding in VL (Vedanta Ltd), realising and seizing proceeds of $216 million. Following this sale, Cairn’s retained holding in VL is now approximately 3 per cent. It is possible that the IITD may make further sales.”