No Income Tax on FCCB proceeds, SC rules on RCom

The Supreme Court on Monday dismissed the petition filed by the Income-Tax Department against Reliance Communications on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs), said the telecom operator.The Supreme Court order has quashed contingent tax liability of RCOM for about Rs 4,800 crore.During Financial Year 2006-07,

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