Vodafone Idea shares in focus after Supreme Court upholds Rs 1,128 crore tax refund
Vodafone Idea shares will remain in focus on Tuesday, January 21, after the Supreme Court upheld a Bombay High Court’s order that asked the income tax authorities to refund excess prepaid tax of Rs 1128 crore to the telecom company.
Vodafone had sought refund of prepaid taxes with interest amounting to around Rs 1600 crore for the assessment year 2016-17, which comprised of tax deducted at source and advance tax.
UK’s Vodafone Group PLC’s India unit — Vodafone India — has since merged with Aditya Birla Group’s Idea Cellular in August 2018.
A Bench led by Justice JB Pardiwala dismissed the department’s appeal against the HC order that held the assessment order against the telecom major as “unsustainable and time-barred."
“There is a gross delay of 295 days in filing the SLP which has not been satisfactorily explained by the petitioners (department),” the apex court said, while dismissing the income tax department’s appeal.
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