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Vodafone Idea gets tax refund of Rs 1,128 crore, Bombay High Court pulls up IT department, Vi shares rise 2.49%

In a major relief to Vodafone Idea Limited (VIL), the Bombay High Court (HC) directed the Income Tax (IT) department to refund Rs 1,128 crore to VIL in taxes paid by the telco for assessment year 2016-2017. Is. PTI gave this news on Thursday. According to an assessment order passed by the IT department in August this year, the HC in its judgment said it was “time-barred and therefore cannot be sustained”.

According to reports, the court delivered its verdict on a petition filed by VIL, which claimed that the IT department failed to refund the amount paid by it for the assessment year 2016-2017, which was due to it from legitimate tax. Was more. Its income. A division bench of Justices KR Sriram and Neela Gokhale also took a strong stand against the assessing officer for showing “laxity and laxity” in not passing the final order within the stipulated 30-day time and thereby causing huge loss to the public exchequer and the public. . ,

The bench, in its order, said Vodafone’s case was “quite prima facie” and it was “bound to look into the complete indifference and negligent approach of the concerned assessing officer in the discharge of his duties” as per the provisions of the Income Tax Act. “Any negligence and lapse on the part of officers entrusted with the responsibility of working within the strict ambit of law affects the public exchequer and has far-reaching consequences on the prosperity and economic stability of the country,” the order said.

It added that laxity in this regard tends to destroy and void any effective system established by the government for the efficient and transparent administration of taxation laws and its rules.

The court recommended initiating a detailed inquiry into the failure of the concerned assessing officer to act as per the provisions of the Income Tax Act. “Strict action should be taken against the persons responsible for the laxity and laxity which has caused huge loss to the public exchequer and consequently to the citizens of this country,” the HC said while directing the copy of its order to be distributed to the Union. Ministry of Finance.

Vi shares were trading higher after the High Court decision. At 1.35 pm on Thursday, shares of Vi were trading at Rs 13.98, up 2.49 per cent, on the BSE.



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