Hindustan Aeronautics Ltd has received Income Tax Refund Order from the Office of Deputy Commissioner of Income Tax Cir3(1)1) Bengaluru vide F.No. ITAT OGE/DCIT/C-3(1)(1)/2022-23 dated 30.11.2022 (received today) u/s 254 of the Income Tax Act-1961 for the Assessment Yeas 2011-12.
The said order was passed allowing R&D Expenditure of Rs.595.23 Crs as capital expenditure, resulting in refund of Rs.427.45 Crs. The said refund includes interest of Rs.176.93 Crs.
The said order was passed in compliance with the order passed by the Income Tax Appellate Tribunal (ITAT) in favour of HAL in the dispute pertains to allowing R&D Expenditure as capital expenditure while computing taxable profit under Sec 35(1)(iv) of the Income Tax Act-1961, which was disallowed by the Income Tax Authorities during the assessment.
Shares of Hindustan Aeronautics Limited was last trading in BSE at Rs. 2774.20 as compared to the previous close of Rs. 2754.70. The total number of shares traded during the day was 20143 in over 1823 trades.
The stock hit an intraday high of Rs. 2807.35 and intraday low of 2745.25. The net turnover during the day was Rs. 55965385.00.