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of <h1>India Moves to Recover Rs. 10,247 Crore in Retrospective Taxes from British Oil Firm After Arbitration Loss.</h1> The Income Tax Department of India has initiated coercive measures to recover Rs. 10,247 crore in retrospective taxes from a British oil firm after it lost an international arbitration challenge. The department plans to seize $104 million in dividends and Rs. 1,500 crore in tax refunds owed to the firm, following the arbitration panel's decision not to block the recovery action. The firm intends to continue arbitration proceedings, claiming breaches of the UK-India Bilateral Investment Treaty and seeking damages of approximately $1 billion for its expropriated investments in India.
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