Zee Media Bureau
New Delhi: Senior Bharatiya Janata Party leader and former Union Minister Arun Shourie has said that the decision (by the previous government) to overturn Supreme Court's decision and imposing retrospective taxation was the most regressive thing.
Taking to a private news channel, Shourie said that it will be very good that the (new) government announces that it will "never go for retrospective taxation".
He further said that tax administration in the country had gone "haywire in the past."
The Lok Sabha had approved the Finance Bill, 2012 which sought to amend the Income Tax Act, 1961, with retrospective effect to tax overseas deals involving domestic assets.
The amendment thereby neutralised the victory secured by Vodafone in the Supreme Court in the Rs 11,000-crore tax dispute case.
The tax also pertained to purchase of Hutchison's stake in Hutchison-Essar by Vodafone for USD 11.2 billion in 2007 through a deal in Cayman Islands.
With Agency Inputs
