Vodafone wins India tax appeal

Vodafone yesterday won a fresh review in the Indian courts over its tax dealings in the country, helping send its shares up two per cent to top the FTSE 100 leaderboard. The Supreme Court dismissed an appeal brought by the government, which argued against a decision in January clearing Vodafone of liability for tax on its $11bn acquisition of Hutchinson Whampoa’s Indian assets. But Vodafone still faces risks over the tax demand as India proposed in its budget last week retroactive changes in tax rules.