Hindustan Aeronautics receives IT refund order for Rs 570 cr
Capital MarketHindustan Aeronautics has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax, Bangalore for the Assessment Yeas 2012-13 in pursuant to the direction of Hon'be ITAT, Bangalore to allow R & D expenditure as capital expenditure under Sec 35(1 )(iv) of the income Tax Act 1961 ,which was disallowed during the assessment.
The said order was passed allowing R&D Expenditure of Rs 725.98 crore as capital expenditure, resulting in refund of Rs 570.05 crore. The above refund of Rs 570.05 crore includes of interest Rs. 163.68 crore.
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