Hindustan Aeronautics Ltd receives IT refund of Rs. 109.58 crore

The Office of Joint Commissioner of Income Tax(OSD) Cir-3(1)(1) Bangalore has passed order U/S 254 of the Income Tax Act 1961 vide F.NO.ITAT OGE/JCIT(OSD)/C-3(1)(1)/2021-22 DT 13/01/2022, received on 24/01/2022 for refund of Rs.109,58,20,895/- which includes interest of Rs. 25,96,33,723/- for the Assessment year 2007-08 (Financial Year 2006-07).

In addition to the said refund, MAT Credit of Rs.216,81,17,828/- has also been made available to the Company, which will be carried forward and adjusted against future tax liabilities. The said order was passed in pursuant to the direction of Hon'ble ITAT to allow R & D expenditure of Rs.478,89,72,000/- U/S 35(1)(iv) as revenue expenditure while disposing the Appeal preferred by the Company.

Shares of Hindustan Aeronautics Limited was last trading in BSE at Rs. 1421.90 as compared to the previous close of Rs. 1361.10. The total number of shares traded during the day was 229465 in over 5247 trades.

The stock hit an intraday high of Rs. 1438.00 and intraday low of 1321.00. The net turnover during the day was Rs. 320388383.00.

Source : Equity Bulls

Keywords

HindustanAeronautics INE066F01012 HAL Aerospace ITRefund MATCredit