Vodafone Idea jumps 5% after SC orders govt to process tax refund to firm in 4 weeks

In a partial win for Vodafone Idea, Supreme Court on Wednesday ordered the government to process the tax refund to the telecom major within four weeks. Following this development, shares of the belegaured telecom firm jumped over 5 per cent.

The apex court said Vodafone Idea will get a tax refund of Rs 733 crore out of the total claim of Rs 4,700 crore, reported ET Now. Vodafone was seeking to adjust the claimed amount to its statutory dues running into tens of thousand of crores.

Following a change in the Income-tax Act 2012, the Supreme Court had ruled that the Vodafone-Hutchison deal could not be taxed in India. This resulted in tax refund due to the company from the tax department for several assessment years up to 2004-05.