Delhi HC to hear Cairn India plea against tax demand on 16 April1 min read . Updated: 08 Apr 2015, 08:50 PM IST
Cairn India is seeking to ensure that the revenue department does not take any coercive steps against it
New Delhi: The Delhi high court will hear energy firm Cairn India Ltd’s plea against a tax demand of ₹ 20,495 crore on 16 April.
Cairn India had moved the high court on Monday against a tax demand made by the revenue department last month. The demand was made over capital gains made by Cairn Energy Plc, its former parent, in a share transfer transaction in 2006-07.
Cairn is seeking to ensure that the revenue department does not take any coercive steps against it.
A bench with justices B.D. Ahmed and Sanjeev Sachdeva said they would consider Cairn’s plea on 16 April.
Cairn UK Holdings Ltd had transferred shares of Cairn India Holdings Ltd to Cairn India, leading to a ₹ 10,000 crore capital gain to Cairn Energy. Cairn UK is a subsidiary of Cairn Energy.
On 13 March, Cairn India received the tax notice demanding an amount that was nearly double of that demanded from Cairn Energy.