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MTNL wins tax case in ITAT
MTNL has won the tax case in ITAT, reports CNBC-TV18. ITAT has deleted Rs 850 crore penalty imposed on MTNL by the tax department. Sources said that MTNL is likely to receive Rs 1,100 crore refund (including interest).
MTNL has won the tax case in theIncome Tax Appelate Tribunal, or ITAT, reports CNBC-TV18.
ITAT has deleted Rs 850 crore penalty imposed on MTNL by the tax department. Sources said that MTNL is likely to receive Rs 1,100 crore refund (including interest).
The MTNL has won a series of cases in the ITAT over the last 4-6 months - that was regarding the expenditure that the IT (Income Tax) department had disallowed. Those refunds run into over Rs 2000 crore. The IT department, on these expenditures disallowed, had also claimed penalty and interest. ITAT, today, has ruled that the IT department will have to refund which means they have deleted the entire penalty and interest enforced on MTNL by the IT department. The penalty that has been deleted comes to over Rs. 850 crore and along with the interest that the IT department has used the money, will run to over Rs 1100 crore.That's been learnt from MTNL sources. So the total income tax refund that ITAT has granted MTNL is over Rs 1100 crore, which is quite significant.
CNBC-TV18 Disclaimer
This information is source-based and has not been provided to the stock-exchanges.
ITAT has deleted Rs 850 crore penalty imposed on MTNL by the tax department. Sources said that MTNL is likely to receive Rs 1,100 crore refund (including interest). 
