Prez: Bombay HC judgment in Vodafone case will help Nokia

Oslo : Allaying investors fear, President Pranab Mukherjee today said that the Bombay High Court verdict in the Vodafone taxation case, if it prevails, will help Finnish phone manufacturer Nokia as also 26 others.  In his interview to Finnish media ahead of his departure to Helsinki, Mukherjee here said the concept of the Indian Tax Department is that a transfer of share is a transfer of income and, therefore, when the question of income transfer comes, it will be subject to taxation because like most of the countries, in India, income is taxed. The issue of transfer pricing  has generated much heat in India involving MNCs operating here such as Vodafone, Shell, WNS and Nokia.