Essar group seeks â¹4,000 crore as refund from I-T dept
Ruias-owned Essar Group is seeking a refund of â¹4,000 crore capital gains tax deducted in 2011 when it sold stake in telecom venture to UK's Vodafone. Essar's Mauritius unit, Essar Communications, had sold 22% in Vodafone Essar for $4.2 billion. Vodafone, however, paid $3.32 billion after withholding $0.88 billion as tax deducted at source, which wasn't due under India-Mauritius treaty.