The Income Tax (I-T) department will refund Rs 190 crore with interest to billionaire Anil Agarwal-controlled mining group Vedanta for the assessment year (AY) 2021-22. This decision came after a hearing at the Delhi High Court bench, led by Justice Rajiv Shakdher, where counsel Abhishek Maratha, representing the revenue department, confirmed that the refund, along with appropriate interest, will be reimbursed to Vedanta. The court scheduled the matter for compliance with the order on October 30, a newspaper report has said.
In August, Vedanta filed a petition in the high court, claiming that the revenue department had not refunded an amount of more than Rs 190.2 crore for the AY 2021-22. The company requested the court to instruct the revenue department to offset this refund against an outstanding demand that the department had raised for the AY 2011-12, the Economic Times reported on October 6.
Moneycontrol could not verify the report independently.
Vedanta, represented by senior counsel, contended that the new demand had been stayed by the Bombay High Court in February 2013. However, in a brief ruling, Justice Shakdher observed that the Bombay HC ruling showed a conditional stay linked to ongoing proceedings at an income tax tribunal for the AY 2009-10. Vedanta argued that it had achieved a favourable outcome in the proceedings related to the AY 2009-10, all the way up to the Bombay HC. Subsequently, the Delhi HC sought a response from the revenue department regarding Vedanta’s submissions, the report said.
Tax authorities gave an assurance to the bench that they would review the matter concerning whether the amount, along with the relevant interest, should be refunded to Vedanta without any adjustments, indicating the I-T department’s commitment to thoroughly examining the situation and determining the appropriate course of action regarding the refund to Vedanta.
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