YP Trivedi backs retro amendments to tax Vodafone
This did surprise me! Because YP Trivedi is a big name in Mumbai ITAT bar with decades of standing and a lot of professionals would have expected him to oppose the retro amendments since he has been arguing for taxpayer all his life! But he not only defended the retrospective amendments that will tax the Voda-Hutch deal but went one step ahead by suggesting that the 2 Bombay HC verdicts in favour of Revenue in Vodafone case were enough of a justification for the Govt to amend Sec 9 retrospectively ( http://www.taxsutra.com/news/5345/FM-refuses-to-concede-an-inch-on-retro-amendments-as-Rajya-Sabha-clears-Finance-Bill. And my surprise is shared by Former CCIT and Adv Girish Dave ( mastermind behind Vodafone case ) ... here is his comment which can also be viewed by clicking on story link..... " It was a pleasent surprise to hear that Mr. Y.P.Trivedi, Hon'ble Member who is well versed with Income-tax Law defended the F.M's proposal to tax the Vodafone transaction & supported his opinion on the basis of two Judgments of the Hon'ble High Court of Bombay rendered in the matter. Kudos to the Brave Heart. "
It is a question that will not be settled soon but quite clearly Parliament has made its wish clear - it prefers the Bombay HC verdict, not the Supreme Court judgement in Vodafone case!