According to a report in the Economic Times, the Supreme Court has refused to admit Vodafone’s SLP against the order of the Bombay High Court in the Vodafone tax matter. The Court has asked Vodafone to respond to the show cause notice issued by the Revenue. It now appears that the battle will reach the Supreme Court – if at all – only after a long time.
The judgment of the Bombay High Court has been discussed here. While technically decided on the point of maintainability, the High Court did make strong observations on the merits against Vodafone’s case. It remains to be seen how far those observations will actually impact the assessment, and the issue is likely to heat up again as Vodafone prepares its reply to the show-cause notice.