Mahanagar Telephone Nigam Ltd has informed BSE that Income Tax Department has issued a refund order to MTNL in the matter of deduction under Section 80IA of the Income Tax Act, 1961 for the Assessment Year 2004-05.
The total amount received from Income tax Department amounts to Rs. 152.46 Crores out of which Rs. 46.34 Crores has been received towards interest on refunds.
From the above refund an amount of Rs. 35.08 Crores has been adjusted against the demand for the Assessment Year 2006-07 and a net cheque amounting to Rs. 117.38 Crores has been received.