Sep 11, 2013, 09.11 AM | Source: PTI
National Mineral Development Corporation (NMDC) on Tuesday was slapped a Rs 1,631 crore demand notice for under invoicing some export accounts between 2006-2010.
The mining company has paid Rs 1,134.27 crore to the tax authorities so far and contested the claim in respective appellates, sources said.
During 2011-12, Income Tax authorities reopened the assessment for financial years 2007-08 and 2008-09 including its incomes of Rs 2,517.21 crore and Rs 278.03 crore respectively, alleging "under invoicing of exports" and raised tax demand notices for Rs 1255.83 crore and Rs 102.85 crore for those years.
Similarly, last year tax men reopened the company's accounts of assessment years 2006-07 and 2009-10 and raised tax demand notices for Rs 177.90 crore and Rs 94.36 crore for the respective years, sources said.
The NMDC has contested these allegations stating that all transactions are transparent as well as routed through bank accounts and filed appeals before appellate authorities, they said.
"Currently, the issue about assessment years 2006-07 and 2009-10 is pending before the Commissioner of Income Tax (Appeals) and the matter related to 2007-08 and 2008-09 is pending before the Income Tax Appellate Tribunal, Hyderabad," sources told PTI.
According to the NMDC, it exported 3.26 million tonnes, 3.78 million tonnes, 3.87 million tonnes and 3.43 million tonnes during 2006-07, 2007-08, 2008-09 and 2009-10 respectively, and the total value of exports during those four years have been recorded as Rs 4,382.52 crore.
As per accounting statements issued by the NMDC, pending disposal of the appeals, it paid an amount of Rs 1134.27 crore and Rs 341.42 crore during 2012-13 and 2011-12 respectively to Income Tax authorities and these were shown as "amounts recoverable" from the department and the balance was shown as the disputed amount of Rs 496.67 crore.
"We believe that issues with the Income Tax Department will be settled before end of the year," sources said.
NMDC stock price
On February 11, 2016, NMDC closed at Rs 79.30, down Rs 4.65, or 5.54 percent. The 52-week high of the share was Rs 146.15 and the 52-week low was Rs 76.60.
The company's trailing 12-month (TTM) EPS was at Rs 12.01 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 6.6. The latest book value of the company is Rs 81.55 per share. At current value, the price-to-book value of the company is 0.97.
NMDC high grade ore prices unchanged at Rs 1,800/tonne
"The prices of iron ore with effect from February
India's top ports see a huge 38% decline in iron ore handling
Miners body FIMI said the iron ore exports have ta
EAC gives green signal to NMDC's pellet's plant in Chhattisgarh
The state-owned miner is in the process of setting
Bharathi S Sihag appointed as CMD of NMDC
NMDC Ltd has informed BSE that in terms of order d
Metals, a tough quarter; earnings bottoming out:ICICI Securities
Hoping Budget will streamline taxes on cars: Motherson Sumi
There is still need to focus on increasing the eas
OBC posts Q3 loss Rs 425 cr on high provisions, low other income
Net interest income, the difference between intere
Creative Eye standalone Dec '15 total income from operations at Rs 3.59 crore
Creative Eye has reported a standalone total incom