HAL receives income tax refund order worth Rs 790.66 cr

New Delhi: State-owned Hindustan Aeronautics Limited (HAL) said in a regulatory filing on Thursday 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 March 28 (received on March 30) U/S 254 of the Income Tax Act 1961 for the Assessment Years 2013-14 and 2014-15 in pursuant to the direction of ITAT, Bangalore to allow research and development 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 for AY 2013-14 and Rs 733.37 crore for AY 2014-15) as capital expenditure, resulting in refund of Rs 790.66 crore (Rs 295.21 crore for AY 2013-14 and Rs 495.45 crore for AY 2014-15). The above refund of Rs 790.66 crore includes interest of Rs 201.24 crore," the filing added.

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