The Vodafone case was a global test for India’s legal and tax system. Perhaps, in one of the most important verdicts in Indian corporate history, the Supreme Court has made it clear that the tax department has no right to levy tax on share sale carried out by two overseas entities, even if the underlying assets are in India. The verdict has cancelled the tax departments claim of around Rs 11500 crore tax on the deal. Despite the revenue loss for the national exchequer, positives are extracted by analysts out of the verdict. The verdict has given clarity on taxation issues