Relief for Vodafone Idea: Supreme Court orders IT dept to refund Rs 833 crore

Mumbai : The Supreme Court on Wednesday directed the Income Tax (IT) department to refund Rs 833 crore to Vodafone Idea (VIL), giving some relief to the cash strapped telco burdened under thousands of crores of statutory dues and boosting its shares.

“We do not see any reason to interfere in the matter. The special leave petition is, accordingly, dismissed. Pending application(s), if any, also stand disposed of,” the apex court bench comprising Justices U U Lalit and Vineet Saran ruled.

The IT department had contested a July 3 order of the Bombay High Court which had asked the authorities to refund Rs 833 crore to VIL for assessment year (AY) 2014-2015.