Retrospective tax: After Cairn, other companies queue up to settle disputes

After UK-based Cairn Energy PLC, about a dozen other firms affected by India’s retrospective taxation rule will file application with the income tax (I-T) authorities in the next few days to initiate settlement of their tax disputes ahead of the November 16 deadline, sources aware of the matter told FE.

Vedanta, a related party in the Cairn tax dispute, would also file application to withdraw from litigation soon, they added. Vodafone, another major firm embroiled in the tax dispute, would file later as its case falls under a separate section of the tax dispute resolution notification, which came nearly two weeks after the first one which covered all others.