Indian Supreme Court overturns tax decision, Vodafone rises

Shares in UK telecommunications group Vodafone rose in early trading on Friday on reports that the Indian Supreme Court has overturned an earlier tax-ruling against it from a lower court.

The long-running battle centres around a $2.5bn (£1.3bn) tax bill relating to its 67% interest in Vodafone Essar, the Indian mobile unit of Hutchison Whampoa in which Vodafone invested over $11bn in 2007.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Vodafone's argument was that the transaction was made between two non-Indian companies (itself and Hong Kong's Hutchison) overseas.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.