Cairn Energy has revealed that the Indian Income Tax department has issued an order to confiscate Rs.10,247 Crores as a recovery in taxes. India's IT officials have ordered action against this British Oil Giant firm to recover a whopping amount of Rs.10,247 Crores.
IT department already initiated orders to take away $104 Million dividends. IT authorities also gave them a deadline till 15th of June, 2017. But Cairn Energy raised the issue before an International Arbitration panel.
Even though the panel is not in favor of the British Giant company, the company still continues to fight its move against Indian IT department. Apart from all these actions, IT department is also set to take 9.8% of stake that the company retains in Cairn India.
The company released a press statement said that the company will continue with arbitration proceedings against the Tax demand and it will also seek damages that equal its shareholdings in Cairn India. The claim is almost $1 Billion.
