Govt. non-appeal in Voda share valuation case – Ushering in a non-adversarial regime?
By most media accounts, the Attorney General of India (AG) - Mukul Rohatgi, has advised the Government against appealing in Supreme Court, the Bombay HC judgment on the multi-billion dollar share valuation issue. If the Government indeed does accept the AG's opinion, it could truly be a defining moment and one of those rare occasions where the Revenue has raised the 'white' flag in a high profile, hotly contested tax dispute.
Is the government & CBDT finally following through on its promise of ushering in a non-adversarial regime? Will this bring a thaw in the often frosty relationship between the taxpayer and tax department? Is this a signal to MNCs that 'tax terrorism' will soon be a thing of the past? And could the non-filing of SLP in this case be a precedent for other cases as well?