Legal18 Mar 2026, 12:54 pm
Ind Bank Housing Ltd. Entitled to Rs. 8,79.04 Crore Refund Following Favourable Income Tax Order
AI Summary
Ind Bank Housing Ltd. has received a favourable Giving Effect Order under Section 260A of the Income Tax Act, 1961 for Assessment Year 1999-2000 from the Income Tax Department, Chennai. The order entitles the company to a refund of Rs. 8,79.04 crore including applicable interest on delayed refund. This refund will result in an improvement in the company's liquidity position and the accounting impact will be recognized in the financial statements as per applicable accounting standards.
Key Highlights
- Ind Bank Housing Ltd. has received a favourable Giving Effect Order under Section 260A of the Income Tax Act, 1961 for Assessment Year 1999-2000.
- The order entitles the company to a refund of Rs. 8,79.04 crore including applicable interest on delayed refund.
- This refund will result in an improvement in the company's liquidity position.
- The accounting impact will be recognized in the financial statements as per applicable accounting standards.
- The order is from the Income Tax Department, Office of Assistant Commissioner of Income tax. Corporate Circle -1. Chennai