Vodafone Idea shares rise over 2% after Bombay High Court asks IT dept to refund Rs 1,128 crore

The Bombay High Court on Wednesday directed the IT department to refund Rs 1,128 crore to Vodafone Idea paid by the telecom operator in taxes for the assessment year 2016-2017.

The court passed its judgment on a petition filed by Vodafone Idea Limited claiming the I-T department failed to refund the amount paid by it for the assessment year 2016-2017. Photo: Reuters/Representational

Vodafone Idea Share Price: Vodafone Idea shares got a shot in the arm on Thursday (November 9) after the Bombay High Court asked the income tax department to refund Rs 1,128 crore to the telecom operator.Investors on BSE on Thursday showed keen interest in Vodafone scrip as it jumped by 2.05 per cent, or Rs 0.28, at Rs 13.92, at 12:19 pm.

Vodafone Idea Stock Performance

With the rise on Thursday, the stock's five-day losses were reduced to 1.62 per cent.

However, the stock of the telecom company has fared well in the last one month with a jump of 27.80 per cent.

It has soared as high as 103.95 per cent in the six-month period, while its year-to-date jump has been 74.13 per cent.In comparison, the benchmark Nifty 50 has risen 1.04 per cent in the five trading session, while it has been down 0.34 per cent in the one month.

The benchmark's six-month rise has been at 6.48 per cent, while it has a rise of 6.88 per cent YTD.

What Court Order Says About Vodafone Idea

The Bombay High Court on Wednesday directed the IT department to refund Rs 1,128 crore to Vodafone Idea paid by the telecom operator in taxes for the assessment year 2016-2017.

The assessment order passed by the department in August this year was “time barred and hence cannot be sustained," the HC noted in its judgement on Wednesday.

The court passed its judgment on a petition filed by Vodafone Idea Limited claiming the I-T department failed to refund the amount paid by it for the assessment year 2016-2017 which, it said, was in excess of the legitimate tax due on its income.

TAGS:

Vodafone Idea