MTNL gets Rs 1,462cr I-T refund

Mahanagar Telephone Nigam (MTNL) today announced that it has got Rs 1,461.68 crore tax refund from the Income Tax (I-T) department.

According to a release issued to BSE today, it estimates a further refund of Rs 2,000 crore from the department on account of licence fee & 80IA.

Both the company and I-T department were locked in lengthy litigation for the past several years with respect to the issue of licence fee and 80IA deduction. Finally, after a Income Tax Appellate Tribunal (ITAT) and Commissioner of Income Tax (Appeals) verdict, the I-T department has refunded Rs 1,461.68 crore inclusive of tax and significant amount of interest. The I-T department has accepted the view that licence fee is an operational expenditure and allowable at par with other operators, the release added.