File photo of President Pranab Mukherjee.
President Pranab Mukherjee on Wednesday cited the recent Mumbai High Court judgement in favour of Vodafone in a taxation case as an example that India operated under the rule of law.
During talks with his Israeli counterpart, Reuven Rivlin, President Mukherjee sought Israeli collaboration and investment in India. In that context, he referred to the Vodafone judgement which had gone against the government, according to an Indian government spokesman.
In a big relief for the telecom major, the Bombay High Court last week set aside an order of Income Tax Appellate Tribunal (ITAT) which had ruled that the I-T Department had powers to raise tax demand on the company in a Rs 8,500-crore transfer pricing case.
President Mukherjee's discussions with Mr Rivlin covered a wide range of bilateral issues including bilateral cooperation in Power, Ports and Railways.
He sought Israeli investments in financial instruments in India as well as in the defence sector in which foreign direct investment of 49 per cent was now permitted while as even 100 per cent investment was possible on a case by case basis.
The leader of the opposition in the Israeli parliament, Isaac Herzog of the Labour party, also held discussions with President Mukherjee on bilateral ties and peaceful co-existence of various religions.
Mr Herzog had earlier said in parliament that Israel should learn from India as to how various communities there are living in peaceful co-existence.
President Mukherjee said that the key multi-religious co-existence lay in debate, discussions and dissension.