Cairn Energy Resolving Dispute with India Regarding Retrospective Capital Gains Tax Assessment

Cairn energy announced on 3 November 2021 that it has entered into undertakings with the Government of India to resolve a dispute regarding a retrospective capital gains tax assessment issued by the India tax authorities in 2016 for an indirect transfer of shares in 2006. The 2006 transfer was not taxable at the time but considering changes in the taxation of indirect transfers introduced by the Finance Act 2012, the retrospective assessment was issued. The assessment has since gone through …