Bombay HC Orders 1,128 Refund to Vodafone-Idea from Income Tax Department within 30 Days for FY 2015-16

The Bombay High Court has issued an order for the telecom company Vodafone-Idea (VI) to refund ₹1,128 crores to the income tax department. VI had deposited this amount as taxes for the financial year 2015-16 (assessment year 2016-17) and was seeking a refund. The court has directed VI to make the payment within 30 days based on their application.

Investigation Required, Stringent Action to be Taken

Justices K.S. Shriram and Justice Neela Gokhale, presiding over the bench, commented that the company’s actions have caused loss to both the company and the public. Therefore, they emphasized the need for an investigation and suggested taking stringent actions against the responsible officials.

Increase in Company Shares by More Than 2% After the Order

Following this order, there has been an increase of more than 2% in Vodafone-Idea’s shares. After the order was announced, the company’s shares were trading at ₹13.95, marking an increase of ₹0.13 (2.20%) per share at 12:12 PM.