Top court orders Income Tax refund of Rs 733 crore to Vodafone Idea
The Supreme Court on Wednesday asked the Income Tax department to refund within four weeks Rs 733 crore to Vodafone Idea Ltd for assessment year (AY) 2014-15. Vodafone Idea, formerly known as Vodafone Mobile Services Ltd, had sought Rs 4,759.07 crore in tax refund from for AYs 2014-15, 2015-16, 2016-17 and 2017-18, but the court refused for other years. "Insofar as AY 2014-15 is concerned, final assessment order passed under Section 143(3) of the (Income Tax) Act indicates that the appellant (telecom firm) is entitled to refund of Rs 733 Crores; while for AY 2015-16 there is a demand of Rs.582 Crores," a bench comprising Justices U U Lalit and Vineet Saran said in the judgement. Read More