Interglobe Aviation Faces Income Tax Demand Of Over ₹1,700 Crore For Assessment Years 2016-17 And 2017-18

Interglobe Aviation Faces Income Tax Demand Of Over ₹1,700 Crore For Assessment Years 2016-17 And 2017-18

"A demand of Rs 7,396.76 million (AY 2016-17) and Rs 9,270.31 million (AY 2017-18) was raised by the Assessing officer, against which the Company had preferred appeal before CIT-Appeal," Interglobe Aviation said.

IANSUpdated: Thursday, November 23, 2023, 01:34 PM IST
article-image
Interglobe Aviation Faces Income Tax Demand Of Over ₹1,700 Crore For Assessment Years 2016-17 And 2017-18 |

InterGlobe Aviation has received orders from the Commissioner of Income Tax Appeals for the Assessment year 2016-17 and 2017-18.

"A demand of Rs 7,396.76 million (AY 2016-17) and Rs 9,270.31 million (AY 2017-18) was raised by the Assessing officer, against which the Company had preferred appeal before CIT-Appeal," Interglobe Aviation said.

"The CIT-Appeal has now passed the respective orders, wherein the revision to the taxable income on account of tax treatment of certain incentives received by the Company from manufacturers with the acquisition of the aircraft and engine and disallowance of certain expenses has been confirmed without granting an opportunity of personal hearing and adjudicating the matter on merits."

The company will contest the same and will take appropriate legal remedies.

"The company believes, based on legal advice from counsels, that the views taken by authority are not sustainable. The figures mentioned above are excluding interest and penalty, Interglobe Aviation said.

RECENT STORIES

Infosys Q4 FY24 Earnings: 1.3% Revenue Growth, 30% Surge In Net Profit YoY

Infosys Q4 FY24 Earnings: 1.3% Revenue Growth, 30% Surge In Net Profit YoY

Gold Falls ₹250 To ₹73,700 Per 10 Grams; Silver Stays Flat

Gold Falls ₹250 To ₹73,700 Per 10 Grams; Silver Stays Flat

Style Revival: Piaggio's Refined Vespa 140th Edition Limited

Style Revival: Piaggio's Refined Vespa 140th Edition Limited

Force Gurkha 5-Door Interior Teaser Hints at Exciting Features Before India Debut

Force Gurkha 5-Door Interior Teaser Hints at Exciting Features Before India Debut

Hindustan Zinc Says It Becomes 3rd Largest Silver Producer Globally

Hindustan Zinc Says It Becomes 3rd Largest Silver Producer Globally