New Delhi, Dec 13 (PTI) Billionaire Anil Agarwal's mining group Vedanta has withdrawn cases in the Delhi High Court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government.

Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes from Cairn India for failing to deduct tax on capital gains made by its British parent.

Also Read | iQOO 9 Specifications Reportedly Emerge Online, Launch Expected Next Year.

Cairn India subsequently merged with Vedanta Ltd.

In a statement, Vedanta said it has used a recently enacted law to settle the tax dispute.

Also Read | 'Why Are You Ashamed of Our PM?', Kerala HC Asks Petitioner Who Objected to PM Modi’s Image on Vaccination Certificate.

As conditions for the same, it has withdrawn all legal challenges against the government and given an undertaking to forego all future rights pertaining to the tax demand.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)