FDC Ltd Receives Favorable Income Tax Order, ₹20.71 Cr Refund

FDC Ltd has announced receiving a favorable order from the Assistant Commissioner of Income Tax, Mumbai, for Assessment Year 2013-14. This order gives effect to a previous ruling by the Commissioner of Income Tax Appeals (CIT(A)). Consequently, the company is set to receive an aggregate refund of ₹20.71 Crore. The refund includes interest income, which will be recognized as income in the company's Statement of Profit and Loss. The appeal was initially filed against disallowances made by the Assessing Officer concerning publicity expenses and other matters.