Supreme Court’s Judgement in Vodafone Idea Ltd vs ACIT Case

COURT: Supreme Court
CORAM: Uday Umesh Lalit J, Vineet Saran J
SECTION(S): 143(1), 143(2), 241A
GENRE: Domestic Tax
COUNSEL: J.D. Mistri, Zoheb Hossain
DATE: April 29, 2020 (Date of pronouncement)
DATE: April 30, 2020 (Date of publication)
AY: 2017-18


[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ]

Grant of refund u/s 143(1): Till AY 2016-17, if a scrutiny notice u/s 143(2) is issued, the return is not required to be processed u/s 143(1) for grant of refund to the assessee. From AY 2017-18 & onwards, a different regime is prescribed by Parliament. S. 241-A requires separate recording of satisfaction on part of the AO that having regard to the issue of notice u/s 143(2), the grant of refund is likely to adversely affect the revenue. The withholding of refund requires the previous approval of the PCIT with reasons to be recorded in writing.

Please Click Here to View Full Post with File Download Link