Vodafone tops a long list of companies that received transfer pricing adjustments in the 2010 assessments. Citibank has the second highest adjustment, with Rs2,500 crore and Microsoft comes in third with Rs1,900 crore.
A Vodafone spokesman confirmed the company is disputing the adjustment and said it is “still moving forward and we’re still working on [it]”.
The company’s arguments, which will likely be filed to the dispute resolution panel and may end up in the tax tribunal, could present yet another drawn-out conflict between the telecommunications company and the Indian Revenue.
