Shares in Vodafone Idea have been swinging between gains and losses recently. And in today's trade, shares in the company scaled higher by up to 4% to day's high of Rs. 8.9 per share on the BSE and NSE after the company wins a Rs. 833 crore tax battle with the Income tax department.
On Wednesday the Supreme Court dismissed a petition by the Income Tax Department challenging a Bombay High Court judgment that ordered it to refund Rs 833 crore to Vodafone Idea Ltd.
The refund was held by the income tax (I-T) department citing possible future demands.
In the previous instance, the high court upheld that such an authority was not existent at the time of assessment year 2014-15. The revenue department filed a special leave petition against the high court order in the apex court. The refund amount increased from Rs 733 crore to Rs 833 crore after rectification.
This is a tiny relief amid the huge AGR payment which the cash strapped telco has to pay.