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Supreme Court allows₹733 cr tax refund to Vodafone Idea
1 min read. Updated: 29 Apr 2020, 05:17 PM ISTIANS
- Supreme Court has directed the Centre to refund the amount within four weeks
- Vodafone Idea had sought for a refund of₹4,700 crore
In partial relief to financially stressed Vodafone Idea, the Supreme Court on Wednesday has allowed for a tax refund of ₹733 crore to the telecom operator.
The top court has directed the Centre to refund the amount within four weeks.
Vodafone Idea had sought for a refund of₹4,700 crore. The two-member bench headed by Justice U.U. Lalit allowed the return of only ₹733 crore and dismissed the matter, according to a copy of the judgment.
“We direct that the amount of ₹733 crore shall be refunded to the appellant within four weeks from today subject to any proceedings that the Revenue may deem appropriate to initiate in accordance with law. We also direct the respondents to conclude the proceedings initiated pursuant to notice under sub-section (2) of Section 143 of the Act in respect of AY 2016-17 and 2017-18 as early as possible,” said the judgement.
The company refund claims for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18 stood at ₹1,532.09 crore, ₹1,355.51 crore, ₹1,128.47 crore and ₹743.67 respectively.
Further, the company has over ₹58,000 crore in AGR-related dues, according to an estimate by the Department of Telecommunications.
Post the judgements, Vodafone Idea’s share prices surged nearly 5 per cent and ended at ₹4.21 per share on the BSE.