Hindustan Aeronautics Ltd receives IT refund of Rs. 790.66 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 28/03/2023 (received on 30/03/2023) U/S 254 of the Income Tax Act 1961 for the Assessment Years 2013-14 & 2014-15 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 2504.16 Crore (Rs.1,770.79 Crore forAY 2013-14 and Rs.733.37 Crore forAY 2014-15) as capital expenditure, resulting in refund of Rs 790.66 Crore (Rs.295.21 Crore forAY 2013-14 and Rs.495.45 Crore forAY 2014-15). The above refund of Rs 790.66 Crore includes of interest Rs.201.24 Crore.

Shares of Hindustan Aeronautics Limited was last trading in BSE at Rs. 2704.20 as compared to the previous close of Rs. 2628.50. The total number of shares traded during the day was 62885 in over 6100 trades.

The stock hit an intraday high of Rs. 2716.25 and intraday low of 2616.85. The net turnover during the day was Rs. 167589187.00.

Source : Equity Bulls

Keywords

HindustanAeronautics INE066F01012 HAL Aerospace ITRefund