In partial relief to financially stressed Vodafone Idea, the Supreme Court on Wednesday has allowed for a tax refund of Rs 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 Rs 4,700 crore. The two-member bench headed by Justice U.U. Lalit allowed the return of only Rs 733 crore and dismissed thematter, according to a copy of the judgment.
"We direct that the amount of Rs 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 Rs 1,532.09 crore, Rs 1,355.51 crore, Rs 1,128.47 crore and Rs 743.67 respectively.
Further, the company has over Rs 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 Rs 4.21 per share on the BSE.
source https://www.freepressjournal.in/business/supreme-court-allows-rs-733-crore-tax-refund-to-vodafone-idea
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