Billionaire Anil Agarwal's mining group Vedanta has withdrawn cases in the Delhi High Court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government.
Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation of its India business, the income tax department had sought Rs 20,495 crore in taxes from Cairn India for failing to deduct tax on capital gains made by its British parent.
Cairn India subsequently merged with Vedanta Limited.
In a statement, Vedanta said it has used a recently enacted law to settle the tax dispute.As conditions for the same, it has withdrawn all legal challenges against the government and given an undertaking to forego all future rights pertaining to the tax demand.
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