Rs.1128.46 crores Income Tax Demand against Vi Services Ltd: Bombay HC

The Bombay High Court directed VI Services Ltd. to furnish a corporate guarantee of its ultimate parent company, Vodafone Group Plc, after the Income Tax Department demanded Rs 1,128.46 crores. The demand arose from reassessment proceedings for the assessment year 2015-16. The court noted that VI Services Ltd. had already deposited Rs 221.58 crores, representing 20% of the demand, and granted the company 12 weeks to furnish the corporate guarantee. The case highlights corporate tax disputes and the legal recourse available through judicial review and compliance measures.