Income Tax department slaps Rs1,631 cr tax notice on NMDC

The mining company has paid Rs 1,134.27 crore to the tax authorities so far and contested the claim in respective appellates,sources said.

Written by Press Trust Of India | Hyderabad | Published:September 11, 2013 1:10 am

The Income Tax department slapped a Rs 1,631 crore demand notice on the state-owned National Mineral Development Corporation (NMDC) Ltd for assessment years 2006-07,2007-08,2008-09 and 2009-10,alleging the PSU had under invoiced some export accounts,company sources said here today.

The mining company has paid Rs 1,134.27 crore to the tax authorities so far and contested the claim in respective appellates,sources said.

During 2011-12,Income Tax authorities reopened the assessment for financial years 2007-08 and 2008-09 including its incomes of Rs 2,517.21 crore and Rs 278.03 crore respectively,alleging “under invoicing of exports” and raised tax demand notices for Rs 1,255.83 crore and Rs 102.85 crore for those years.

Similarly,last year tax men reopened the company’s accounts of assessment years 2006-07 and 2009-10 and raised tax demand notices for Rs 177.90 crore and Rs 94.36 crore for the respective years,sources said.

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