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MTNL to get Rs 385 crores on Income Tax appeals

May, 21st 2010
Mahanagar Telephone Nigam Ltd has announced that in the matter of deduction under section 80IA of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) has allowed to MTNL a further proportionate relief for the Assessment year 2001-02. As a result of this order, MTNL would be entitled to an estimated amount of Rs. 385 crores which include an Interest amount of Rs. 145 crores approximately. The stock closed the day at Rs.56.45, up by Rs.0.30 or 0.53%. The stock hit an intraday high of Rs.58.20 and low of Rs.54.75. The total traded quantity was 466990 compared to 2 week average of 412840.