FDC Ltd Receives Favorable Income Tax Orders, ₹37.22 Cr Refund Expected

FDC Ltd has announced receiving favorable orders from the Assistant Commissioner of Income Tax, Mumbai, for Assessment Years (AY) 2014-15 and 2012-13. These orders give effect to the decisions of the Commissioner of Income Tax Appeals (CIT(A)), which accepted the company's submissions regarding disallowances on publicity expenses and deductions under section 35(2AB). Consequently, the company is set to receive an aggregate refund of ₹37.22 Cr, which includes interest income to be credited to the Statement of Profit and Loss.