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MORE: Cairn Energy Didn’t Pay Tax on $3.86b Capital Gains: PTI 2014-01-27 18:25:56.185 GMT
By Dick Schumacher Jan. 27 (Bloomberg) -- (Adds bullet point with Cairn Energy comment.) Cairn Energy Plc didn’t pay capital gains on 245.03 billion rupees ($3.86 billion) of capital gains, the Press Trust of India reported today, citing an Indian Income Tax Department document. PTI also said: * Gain occurred when Cairn Energy transfered its Indian business from subsidiaries incorporated in Jersey, the Channel Islands, to newly incorporated Cairn India in 2006. * Indian Income Tax Department hasn’t currently issued a tax bill to Cairn Energy for the gain * Tax Department has ordered Cairn India not to allow the transfer of Cairn Energy’s stake in the company * PTI cites a seven-page order from Indian Income Tax Department dated Jan. 22 * Cairn Energy is “is cooperating to provide the necessary documentation and information as required by the Indian authorities and will aim to update the market in due course,” Cairn said in an e-mailed comment today. NOTE: Cairn Energy Drops to Lowest in Decade on Indian Tax Probe
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--With assistance from Eduard Gismatullin in London.
To contact the reporter on this story: Dick Schumacher in London at +44-20-7673-2438 or dschumacher@bloomberg.net
To contact the editor responsible for this story: Dick Schumacher at +44-20-7673-2438 or dschumacher@bloomberg.net