Why Gautam Doshi is right on Vodafone !
I must preface this blog with a disclaimer - like everyone else, i too have an opinion and a strong one of that on the Vodafone tax case.. but the time has now arrived whereby our individual opinions about the case need to give way to economic/ground realities.. i never had any doubt in my mind that the IRS team, led by G.C.Srivastava and Girish Dave, and the legal team, led by Mohan Parasaran and Rohinton Nariman, put up the best possible defence/attack for the Revenue in the $2bn tax case. They came up short in the SC not because they were outclassed by the legendary Salve, but because the referee ( read judges ) gave Vodafone a penalty stroke in the 120th minute, where there was no foul in the first place..
Be that as it may.. this tax case has seen more emotions on both sides than any i have covered as a journalist in 10 years, or as some of my veteran tax professional friends tell me , possibly in their lifetime as well ! The time has now come to exorcise the ghost, that has been haunting all of us on every side of this case.. The best way out is the solution offered by renowned tax expert Gautam Doshi .. (http://www.taxsutra.com/microsite/budget2014/expert/201/Gautam_Doshi__Group_MD_Reliance_ADAG__on__Untying_the_Retro_knot_) this government has a mandate and therefore must show the courage to come up with an out of the box solution/compromise on the lines of what Gautam bhai has suggested - recover the tax, waive off interest and penalty and forget and move on...
It aint easy for sure but when a match remains unsettled even after 10 penalties in a shoot-out, the only way out is 'sudden death.' The time has come to wave the white flag instead !