India will file appeal in Cairn arbitration case
New Delhi [India], March 10 (ANI): India will file an appeal in the Cairn arbitration award case relating to the tax dispute concerning the British oil firm, sources said.
ANI
Mar 10, 2021 19:56 IST
New Delhi [India], March 10 (ANI): India will file an appeal in the Cairn arbitration award case relating to the tax dispute concerning the British oil firm, sources said.
They said Cairn Energy set up "a tax abusive structure" and did not pay taxes anywhere in the world on the gains that it made in India.
The sources told ANI that if enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests.
They said it is well within India's sovereign powers to redress the situation of double non-taxation and tax abuse.
However, India is open for a constructive settlement of tax disputes within the existing legal framework, the sources added.
The sources also said that Cairn is talking to the Government of India but is yet to respond to the points raised in the discussions.
Cairn Energy had moved courts in nine countries to enforce its $1.4 billion arbitral award against India, which it won after a dispute with the country's revenue authority over a retroactively applied capital gains tax.
Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc. (ANI)
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