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Income tax department moves to recover Rs10,247 crore tax from Cairn Energy UK

LiveMint logoLiveMint 19-06-2017 PTI

New Delhi: Income tax (I-T) department has taken action to recover Rs10,247 crore retrospective tax from Cairn Energy of UK, said sources. The income tax department has ordered taking away of $104 million dividend due to Cairn and using it to set off part of the tax liability, sources add.

Besides this, in order to settle a part of tax liability, the I-T department is all set to use Rs1,500 crore of tax refund due to Cairn Energy.

Action to recover tax from Cairn Energy follows the UK company losing appeal before an international arbitration tribunal.

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