Tax Department agrees to refund Rs 190 crore to Vedanta

6 Oct 2023 , 11:20 AM

As per the reports, the income tax department has admitted a refund of Rs 190 crore with interest to Vedanta Limited for the assessment year (AY) 2021-22.

Justice Rajiv Shakdher led bench of Delhi High Court noted the submissions of counsel Abhishek Maratha, appearing for revenue, that the refund including interest as applicable will be remitted to the Anil Agarwal company. The matter was placed for the compliance of the order on October 30.

In August, Vedanta reached out high court stating that the department has not remitted its determined refund of over Rs 190.23 crore for AY 2021-22.

The company requested revenue to offset the return amount against an outstanding demand raised by the department for the assessment year 2011-12.

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

In a brief ruling, Justice Shakdher noted that the Bombay High Court verdict indicated that a conditional stay was issued, which was related to the proceedings pending with an income tax tribunal for the fiscal year 2009-10. While Vedanta claimed victory in the AY 2009-10 proceedings to the Bombay High Court, the Delhi High Court requested a response from the department on the company’s submissions.

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