I-T Department to Refund Over Rs. 43 Cr withheld against demand of 49 Lakhs

Vodafone Idea Limited Vs DCIT (Bombay High Court) 1. The petitioner has prayed for directions to the Income Tax Authorities for releasing the refund of Rs. 43.25 Crores (rounded off) with applicable interest pertaining to the assessment years 2007-08 to 2013-2014. Having heard the learned Counsel for the parties and having perused the documents on record, it would appear that the Assessing Officer has not seriously disputed the petitioner’s claim for refund pertaining to the said assessment years. However, such refund has not been released on account of an outstanding TRACES demand of Rs. 49...