Release ₹ 833 crore Income Tax Refund to Vodafone in 2 Weeks

Vodafone Idea Limited Vs ACIT (Bombay High Court) The issue under consideration is regarding the writ petition filed by the petitioner for seeking refund under Income Tax Act. In the present case, The petitioner is liable to the refund of Rs.176,3900,637/-, against which the respondent wants to exercised his power under Section 245 of the Act to adjust that with assessees other outstanding tax liability of Rs 953,75,27,138/-. For that they have filed appeal to Supreme Court and as per courts direction they have adjusted that tax amount against refund. High Court states that, however, insofar a...