News Karnataka
Tuesday, January 31 2023
Business

Vodafone in battle with Income Tax Department

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

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

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

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