Hindustan Aeronautics gets income tax refund order for Rs 570 crore

State-run aerospace behemoth Hindustan Aeronautics Ltd (HAL) on Friday said the company received an income tax refund order from the office of the joint commissioner of IT for the assessment year 2012-13.

The order was received pursuant to the direction of ITAT, Bengaluru to allow R&D expenditure as capital expenditure under Sec 35(1)(iv) of the Income Tax Act 1961, which was disallowed during the assessment, the company said in an exchange filing.