I-T allows Agro Tech Foods' appeal for balance interest on refund

Agro Tech Foods on Thursday informed the exchanges that Commissioner of Income Tax (Appeals), Hyderabad, has allowed the company’s appeal of ₹5.82 crore for balance interest on refund on account of self-assessment tax paid for assessment year 1997-98. The Income Tax Department had in 2008 granted a refund of the capital gains tax on slump sale of Mantralayam undertaking paid by the company to the tune of ₹16.58 crore, including interest of ₹4.01 crore, for 1997-98. The current appeal was on account of short interest granted by the Department in 2008. The receipt of the refund amount would be subject to appellate proceedings, if any. Shares of Agro Tech Foods closed on the NSE at ₹468.55, a tad higher over the previous day’s close of ₹467.95.