The Bombay High Court has directed the Income Tax (IT) department to refund over Rs 8.33 billion to Vodafone Idea Limited (VIL) for assessment year 2014-15 within two weeks.
The telco had sought Rs 10.09 billion as per a tax department dated May 28, 2020. It was also held that the demand for several years was pending against VIL for a sum of Rs 1.76 billion, deducting which from the refund amount of Rs 10.09 billion the IT department determined the net refundable amount at Rs 8.33 billion.
Earlier, in April 2020, the Supreme Court (SC) held that insofar as per assessment year 2014- 2015, VIL was entitled to a refund of Rs 7.33 billion. To this end, on June 11, 2020, the company demanded refund by seeking compliance of the order passed by the SC. However, no amount was refunded, following which it moved the Bombay High Court.