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