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MTNL to get Rs 1,100 crore tax refund
August, 29th 2007
MTNL on Friday won a case on income tax refund of about Rs 1,100 crore including 150 crore interest.

A senior MTNL official said the Income Tax Department had earlier claimed a penalty of Rs 850 crore against which the PSU had gone to the Income Tax Appellate Tribunal.

The tribunal today ordered that MTNL would not have to pay any penalty and would be refunded Rs 1,100 crore, including 150 crore as interest.

The offical said the entire refund amount would soon be transferred to the MTNL account and the interest amount of 150 crore will be reflected in the company's second quarter result.

In the past few months, the PSU has won a number of tax related cases in the tribunal with refunds running into about Rs 2,000 crore.
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