In a significant development, the Income Tax department has announced its decision to refund Rs 190 crore to the Anil Agarwal-controlled mining conglomerate Vedanta, along with accrued interest, for the assessment year 2021-22. This decision comes after a hearing at the Delhi High Court bench, presided over by Rajiv Shakdher, where counsel Abhishek Maratha represented the revenue department and confirmed the refund.
The court has set a compliance date for the order on October 30, providing clarity on the timeline for the refund process.
Vedanta had initiated legal action in August by filing a petition in the high court, asserting that the Income Tax department had failed to refund an amount exceeding Rs 190.02 crore for the assessment year 2021-2022. The company further requested the court to direct the Income Tax department to offset this refund against an outstanding demand raised by the department for the assessment year 2011-12.
During the court proceedings, Vedanta was represented by senior counsel Ajay Vohra, who passionately presented the company's case.
In response, the revenue department assured the bench that they would thoroughly review the matter to determine whether the full refund amount, along with applicable interest, should be disbursed to the company without any adjustments. This decision marks a significant development in the ongoing financial matters between Vedanta and the Income Tax department, potentially bringing a resolution to a long-standing issue.
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