Cairn faces Rs 10,000-crore tax pain

New I-T notice also raises an interest demand of around Rs 1,400 crore

Dilasha Seth & Jyoti Mukul  |  New Delhi 

In a blow to energy giant Cairn, the income tax (I-T) department has asked the Edinburgh-based company to pay dues of Rs 10,247 crore by June 15. It has also raised an interest demand of around Rs 1,400 crore, asking Cairn why a penalty should not be imposed.  This is within a month of an order from a tax tribunal that had upheld the capital gains tax demand of the I-T department, under the controversial retrospective amendment to the law. If Cairn doesn’t pay by June 15, said a government official, “recovery proceedings will be initiated. No coercive ...

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Cairn faces Rs 10,000-crore tax pain

New I-T notice also raises an interest demand of around Rs 1,400 crore

New I-T notice also raises an interest demand of around Rs 1,400 crore In a blow to energy giant Cairn, the income tax (I-T) department has asked the Edinburgh-based company to pay dues of Rs 10,247 crore by June 15. It has also raised an interest demand of around Rs 1,400 crore, asking Cairn why a penalty should not be imposed.  This is within a month of an order from a tax tribunal that had upheld the capital gains tax demand of the I-T department, under the controversial retrospective amendment to the law. If Cairn doesn’t pay by June 15, said a government official, “recovery proceedings will be initiated. No coercive ... image
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