Delhi HC directs to Issue Income Tax Refund to Nokia Corporation based on Indemnity Bond [Read Order]

The Delhi High Court in the case of Nokia Corporation directed to issue an income tax refund based on an indemnity bond. The principal sum claimed by Nokia Corporation, the petitioner was Rs. 29,06,95,383/-. Out of the said principal amount, the respondents/revenue has verified an amount equivalent to Rs. 22,46,83,682/-.  As per the instructions received by Mr Sanjay Kumar, senior standing counsel, the verified amount, along with interest, which totals up to Rs. 38,58,05,020/-, would be remitted to the petitioner. Insofar as the balance amount is concerned, Mr Kumar says that the verification process is on.

The instructions received by Mr Kumar via email dated 12.09.2023, state that a refund will be issued based on the indemnity bond furnished by the petitioner. A division bench of Justice Rajiv Shakdher and Justice Girish Kathpalia disposed of the writ petition with a direction that the respondent/revenue will endeavour to locate the record and verify the claim.

In case they are unable to locate their record, they will proceed with the information furnished by the petitioner and release the money based on the indemnity bond furnished by the petitioner. “Since respondents/revenue have already verified a part of the refund claim, amounting to Rs. 38,58,05,020/- (inclusive of interest), the respondents/revenue will ensure that remittance qua this amount is made to the petitioner/assessee within the next four (4) weeks. “, the bench concluded.

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