FDC Ltd Receives Favorable Income Tax Order, ₹14.20 Cr Refund

FDC Ltd has received a favorable order from the Assistant Commissioner of Income Tax, Mumbai, for the Assessment Year 2016-17. This order gives effect to a previous ruling by the Commissioner of Income Tax Appeals (CIT(A)). The company's submissions regarding disallowances on publicity expenses and Section 14A were accepted. Consequently, the Income Tax Department has determined an aggregate refund of ₹14.20 Crores for FDC Ltd. The interest income included in this refund will be recognized as income in the company's Statement of Profit and Loss.