After the company won an international arbitration tribunal ruling against India for levying taxes retrospectively, the centre will contest all cases filed by Cairn in various international courts.
The Delhi High Court has recently held that the failure of the assessing officer to adhere to the "mandatory requirement" of Section 144C(1) of the Income Tax Act, 1961 invalidates the assessment order.
India’s retroactive tax demands have come back to haunt the government, with the Permanent Court of Arbitration awarding damages of $1.2 billion plus interest and costs to oil and gas explorer Cairn. What options does India have?