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| Indian Hume Pipes was asked to pay Rs 18.42 crore by IT department | |
| Indian Hume Pipes was asked to pay Rs 18.42 crore by IT department In respect of sale of land in FY 2003-04 Income Tax department by their order dated May 29, 2012 has disallowed the capital gain exemption claimed by Indian Hume Pipe Company and asked it to pay Rs 18.42 crore. In FY 2003-04, the company has sold its land at Wadala, Mumbai. Since it made long term capital gain and to save tax on the same, the company had made investment prior to transfer of land based on CBDT Circular No.359 dated May 10, 1983, in the Capital Gains Tax Savings Bonds specified under Section 54EC of the Income Tax Act,1961. The Income Tax Department is of the view that the said deduction is not in accordance with the law and therefore not allowable and asked it to pay Rs 18.42 crore. According to the company the disallowance of claim by the Income Tax Department is debatable and involves legal issues and therefore the Company is contesting the above referred disallowance by preferring an appeal before the Commissioner of Income Tax (Appeal) in due course of time. |
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