Hindustan Aeronautics Ltd receives IT refund order of Rs. 570.05 crores

Hindustan Aeronautics Ltd has received Income Tax Refund Order from the Office of Joint Commissioner of Income Tax (OSD) Circle-3(1)(1) Bangalore-95 vide F. No. JCIT(OSD)/Cir-3(1)(1)/0GE-ITAT/2022-23 dated 27/02/2023 (received on 03/03/2023) U/S 254 of the Income Tax Act 1961 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.

Shares of Hindustan Aeronautics Limited was last trading in BSE at Rs. 2692.95 as compared to the previous close of Rs. 2709.60. The total number of shares traded during the day was 29398 in over 3455 trades.

The stock hit an intraday high of Rs. 2762.00 and intraday low of 2681.50. The net turnover during the day was Rs. 80099383.00.

Source : Equity Bulls

Keywords

HindustanAeronautics INE066F01012 HAL Aerospace ITRefundOrder