Cairn Wins $1.2B Arbitration With India Over Retroactive Tax

Law360 (December 23, 2020, 5:33 PM EST) -- A three-member tribunal at the Permanent Court of Arbitration in The Hague ruled for British oil and gas company Cairn Energy PLC in a $1.2 billion tax dispute with the Indian tax authority over a retroactively applied capital gains tax.

Above is the Peace Palace in The Hague in 2016, ahead of a ruling by the Permanent Court of Arbitration. (AP Photo/Mike Corder) The panel in the Netherlands on Monday found that a 2012 law passed by the Indian Parliament was a new tax, not a clarification of prior law that could be applied to earlier years. Cairn initially brought the...

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