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IT Dept issues refund order to MTNL amounting to Rs 117.38 crore

03 Jul 2012 Evaluate

The Income Tax (IT) Department has issued a refund order to Mahanagar Telephone Nigam (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 IT Department amounts to Rs 152.46 crore out of which Rs 46.34 crore has been received towards interest on refunds. From the above refund, an amount of Rs 35.08 crore has been adjusted against the demand for the Assessment Year 2006-07 and a net cheque amounting to Rs 117.38 crore has been received.

MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India's key metros -- Delhi and Mumbai.

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