13/05/2020 13:52
Max Financial Services settles tax dispute under ‘Vivad Se Vishwas Scheme’
The company has paid Rs 123.78 crore for settling the litigation involving capital gains from the stake sale of its erstwhile telecom joint venture Hutchison Max Telecom
Max Financial Services (MFSL) has settled a long pending income tax case under the dispute resolution scheme Direct Tax Vivad Se Vishwas, 2020, recently launched by the Indian Government. MFS has paid Rs 123.78 crore for settling the litigation involving capital gains from the stake sale of its erstwhile telecom joint venture Hutchison Max Telecom.
MFSL is the first large private sector player in India to have settled and paid under the Vivad Se Vishwas Scheme. The settlement was finalized with the Pr.CIT-1, Jalandhar earlier this month and due taxes have been remitted. The payment also clears a tax dues contingent liability that has been reported on the company's books for the past two decades.