Vodafone Idea Demand Rs 4,761 Tax Refund
Vodafone Idea appeal to the Supreme Court for tax refund.
Vodafone Idea has filed a case in the Supreme Court [SC], asking the Tax department for a tax refund. The Income Tax [IT] Department had refused to give Vodafone Idea a tax refund of Rs 4,761 crore. The Vodafone Idea company said that, their financial position is very weak. The company said that, they have a loss of Rs. 5,557 crore. They also have to pay back a loan of Rs 53,000 crore.
The IT department had sent a letter refusing to give tax refund, on 23 July 2018. When the company requested the Delhi High Court [HC] for help, the HC rejected their request on the basis of that letter. In their appeal to the SC, the company said that the last date to process IT returns and to refuse returns for the year 2015-15 to 2016-17 was 31st May 2018.
Vodafone Idea said that, the IT department and the HC rejected their request for refund without a valid reason. The also said that, as per Income Tax law the Principal Commissioner is supposed to approve the rejection of the refund, but even that was absent.
Their lawyer said that the company deserves to receive the tax refund.The SC has given the IT four weeks to respond and explain why they have not given the tax refund.
