Apr 16, 2012 10:45 PM IST | Source: CNBC-TV18

KFA clears 2nd instalment of I-T dues: Sources

Sources tell CNBC-TV18 that Kingfisher Airlines has cleared the second installment of I-T dues that it owes to the government.

KFA clears 2nd instalment of I-T dues: Sources

Sources tell CNBC-TV18 that Kingfisher Airlines has cleared the second installment of income tax (I-T) dues that it owes to the government.

I-T department sources say that the airline has cleared Rs 9 crore earlier today, although it was due on Saturday, April 14.

Remember that KFA has to pay Rs 9 crore every week starting April 7 to the I-T department towards a claim by the department of outstanding taxes of Rs 342 crore.

The I-T department had initially frozen the airlines bank accounts on non payment of outstanding dues, but de-froze some of them when KFA paid Rs 44 crore with the agreement that it would pay Rs 9 crore every week till the entire balance is settled.

Since November, the Service and Income-Tax departments have frozen as many as 40 bank accounts of the airline for non-payment of dues.

The share ended at Rs 20.10, up Rs 0.30, or 1.52%.

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