Case Law Details
Nokia Corporation Vs DCIT (Delhi High Court)
Introduction: The Delhi High Court has provided an update on the matter of Nokia Corporation vs DCIT, showcasing progress in the verification and refund process. This case pertains to the assessment years 1997-1998 to 2002-2003, with Nokia claiming a principal sum of Rs. 29,06,95,383/-. The court’s recent directives indicate a partial verification of Rs. 22,46,83,682/- and instructions for remittance based on an indemnity bond for the verified amount.
Refund Verification Progress: The court notes that a substantial part of the principal amount claimed by Nokia as a refund has been verified. For the mentioned assessment years, the principal sum stood at Rs. 29,06,95,383/-. Out of this, the revenue has verified Rs. 22,46,83,682/-. The court emphasizes the need for a thorough verification process and addresses the steps taken by the revenue in this regard.
Remittance Instructions and Indemnity Bond: The court informs that the verified amount, along with interest, totaling Rs. 38,58,05,020/-, will be remitted to Nokia. Mr. Sanjay Kumar, learned senior standing counsel, mentions that the release of the money will be based on an indemnity bond provided by Nokia. This alternative solution is discussed in light of incomplete records, and the court directs the revenue to proceed accordingly.
Court’s Disposal and Future Actions: The writ petition is disposed of with a directive for the revenue to continue efforts in locating and verifying the remaining claim. In case the records cannot be located, the court instructs the revenue to proceed with the information furnished by Nokia and release the money based on the indemnity bond. The timeline for completing this exercise is set at eight weeks.
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