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Shell moves HC against $1 bn tax demand

In February, company officials had said that the tax authorities have raised a demand of $1 billion (about Rs 5,400 crore) on an equity infusion of $160 million (about Rs 870 crore).

twitter-logo PTI   Mumbai     Last Updated: April 26, 2013  | 11:51 IST

Global oil major Royal Dutch Shell on Thursday said it has moved the Bombay High Court, challenging the $1 billion demand made by the tax authorities over equity infusion.

"Shell confirms that it has filed a writ petition in the Bombay High Court challenging the draft tax order," the Anglo-Dutch oil major said in a statement. The company "will continue to evaluate all options for redress available to resolve this tax dispute", it said.

In February, company officials had said that the tax authorities have raised a demand of $1 billion (about Rs 5,400 crore) on an equity infusion of $160 million (about Rs 870 crore).

Terming it as "absurd" as it was tantamount to a tax on foreign direct investment (FDI), the company's India unit head Yasmine Hilton had said that it will challenge the demand.

Details of the writ petition could not be ascertained.

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