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Vodafone Shares Gains Up To 4% After Winning Rs. 833 Cr Tax Dispute

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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.

Vodafone Shares Gains Up To 4% After Winning Rs. 833 Cr Tax Dispute
 

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.

GoodReturns.in

Read more about: vodafone idea income tax
Story first published: Thursday, July 23, 2020, 9:27 [IST]
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