Vodafone Idea the company which showed biggest net loss in F21 has got a good news for it. The Bombay High Court on Friday directed the IT Department to refund Rs 833 crore to the telecom operator within 2 weeks.
Division bench of Justice RD and Justice Madhav made a 14 page order granting relief after hearing the petitioner Vodafone Idea and the Assistant Commissioner as well as the Principal Commissioner of Income Tax along with the Union of India.
Vodafone Senior Advocate Jamshed Mistri referred ti the Supreme Court’s order and the May 28 order passed by the assistant commissioner himsself and submitted that the said order was a common order disposing off all the applications for rectification filed by petitioner under Section 154 Aof the Act and also the notices issued by the respondents under Section 245 of the Act seeking adjustment of the allege outsanding dues Vodafone DIea againt the amount of refund due to them.
Mistri submitted that once the assistant commission respondednt No.1 having exercised power under Section 245 of the Act, held that the net amount of Rs 833 crore is refundable to the Vodafone Idea
There is no provision under the Act permitting withhlding of the said admitted amount once having passed an order under Section 154 read with Section 245 of the Act