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Marginal relief for Vodafone Idea as SC allows tax refund of Rs 733 crore

The company had alleged that the taxman had not processed income tax refund of Rs 4,759 crore for assessment years 2014-15 to 2017-18

April 29, 2020 / 07:47 PM IST
 
 
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The Supreme court on April 29 allowed tax refund of Rs 733 crore for Vodafone Idea.

The apex court has ordered for the refund to be issued within four weeks.

Vodafone Idea had alleged that the taxman had not processed income tax refunds of Rs 4,759 crore for assessment years 2014-15  to 2017-18.

Following are the details of the refund claimed for each assessment year
2014-15  - Rs 1,532.09 crore
2015-16 - Rs  1,355.51 crore
2016-17 -  Rs 1,128.47 crore

2017-18 - Rs  743.67

The company had been pressing the I-T Department for the refund to get some financial relief from the statutory dues it owed.

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The company has nearly Rs 58,254 crore in AGR-related dues, according to an estimate by the Department of Telecommunications.

Vodafone Plc is likely to inject some fresh capital into Vodafone Idea to meet operational requirements and clear these adjusted gross revenue (AGR) dues, according to a report by The Economic Times.

Vodafone Idea is a joint venture (JV) between Vodafone Group and Aditya Birla Group.

Vodafone Group will provide $200-225 million in fresh capital, while Aditya Birla Group will put in $125-$150 million, the ET report said.
Moneycontrol News
first published: Apr 29, 2020 02:36 pm

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