HAL receives income tax refund order from the Office of Joint Commissioner

Bengaluru: State-owned HAL said in a regulatory filing on Friday that it 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 February 27 (received on March 3) U/S 254 of the Income Tax Act 1961 for the Assessment Yeas 2012-13 in pursuant to the direction of ITAT, Bengaluru 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 interest of Rs 163.68 crore," the filing added.

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