Cairn Energy issued ₹29,000 cr tax demand notice
The Income tax department has slapped UK’s Cairn Energy with over ₹29,000 crore in taxes, including ₹18,800 crore in retrospective interest. It alleges that the company made a capital gain of ₹24,503.50 crore in 2006 by transferring the shares of its Indian assets being held in a tax haven, to the newly incorporated Cairn India.