Sources tell CNBC-TV18 that Kingfisher Airlines has cleared the second installment of I-T dues that it owes to the government.
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%.
Kingfisher Air stock price
On October 22, 2014, Kingfisher Airlines closed at Rs 2.00, up Rs 0.09, or 4.71 percent. The 52-week high of the share was Rs 6.25 and the 52-week low was Rs 1.72.
The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.01.
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