Hindustan Aeronautics announced that the company has received an order from the Commissioner of Income Tax on 24 January 2022 for refund of Rs 109.58 crore which includes interest of Rs 25.96 crore for assessment year 2007-08 (financial year 2006-07).
Additionally, MAT credit of Rs 216.81 crore 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 Honble ITAT to allow R & D expenditure of Rs.478.89 crore U/S 35(1)(iv) as revenue expenditure while disposing the Appeal preferred by the company.
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