Tax dept agrees to refund Rs 190 cr to Vedanta, Delhi HC takes note – ET Infra


The income tax department has agreed to refund Rs 190 crore with interest to Vedanta Ltd for assessment year (AY) 2021-22.

A Delhi High Court Bench led by Justice Rajiv Shakdher noted the submissions of counsel Abhishek Maratha, appearing for revenue, that the refund along with applicable interest, will be remitted to the Anil Agarwal company. It placed the matter for compliance of the order on October 30.

Vedanta in August had moved the high court alleging that the department had not remitted its determined refund of over Rs 190.23 crore for AY 2021-22.

The company sought a direction to the revenue to adjust the refund amount against an outstanding demand raised by the department for the AY 2011-12.

Vedanta through senior counsel Ajay Vohra had argued that the new demand had been stayed by Bombay High Court in February 2013.

Justice Shakdher in its short order noted that the Bombay HC judgment indicated that conditional stay was granted, which was linked to the proceedings pending with an income tax tribunal for assessment year 2009-10. While Vedanta contended that it had succeeded in the proceedings concerning AY 2009-10, right up to the Bombay HC, the Delhi HC sought response from the department on the company’s submissions.

The tax department also assured the bench that it would to look into the issue whether the amount, along with applicable interest, should be remitted to Vedanta without any adjustment.

‘Negotiate a settlement’

In another case, the Delhi High Court Thursday asked low-cost carrier SpiceJet to negotiate a settlement with its lessor Engine Lease Finance BV by October 16, failing which it would be compelled to pass an order restraining the use of a leased engine.

While the engine lessor reiterated that SpiceJet had defaulted on dues following which engine lease agreements were terminated, the airline conceded that it was still using the engine. SpiceJet also said it was willing to explore settlement possibilities with the lessor and sought some time.

The HC direction came during the hearing of a petition filed by Engine Lease, seeking a direction to the airline to return the last one of the nine engines and also restrain it from using it.

  • Published On Oct 6, 2023 at 12:13 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Get updates on your preferred social platform

Follow us for the latest news, insider access to events and more.



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Open chat
1
How May I Help You.
Scan the code
Vishwakarma Guru Construction
Hello Sir/Ma'am, Please Share Your Query.
Call Support: 8002220666
Email: Info@vishwakarmaguru.com


Thanks!!