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Vodafone Battles Income Tax Department Seeking Refunds

After the Supreme Court judgement on AGR, tax officers are in fix that since refund is pending how do they adjust with the AGR payments

Vodafone India and the Income Tax Department are battling it out as Vodafone seeks refunds while the Income Tax Department is laying claim to previous demands.

From assessment year 2006-07 to 2013-14, Income Tax department has raised demands of Rs 1842 crore and the demands under different sections have been stayed by the tribunal.

These include Section 250, 143, 143 (3), and 263, all of which have been stayed by the tribunal.

As per the tax assessment in the Mumbai circle, in 2010-11, The demand of assessment year was Rs 2127 crore adjusted against refund on October 11 by CPC although the demand was stayed by ITAT.

The Income Tax Department has sent a second notice to Deepak Kochhar, husband of ICICI Bank Chief Executive Chanda Kochhar, who is facing conflict of interest questions over the bank's Rs 3,250-crore loan to the Videocon Group in 2012, a department official said on Monday.
Income tax Department Logo. IANS

The refund was approved but the refund was not issued due to a error while reading by CPC-ITR. A complaint was lodged for the same by IT Department.

Also Read: Google Brings a New Service Called ‘Your News Update’

Thereafter for 2018-19, the scrutiny is pending and therefore the refund has been withdeld under Section 281 B of the IT Act. Since the scrutiny is pending no refund has been give,

After the Supreme Court judgement on AGR, tax officers are in fix that since refund is pending how do they adjust with the AGR payments. (IANS)

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