The income tax department will now have to refund the Rs 55 crore tax that was deposited by Flipkart and revoke the bank guarantee pursuant to the Feb. 6 order of the ITAT. The tax department, while raising the demand, had treated the Rs 796 crore loss incurred by Flipkart for the assessment year 2015-16 as capital expenditure.
Rakesh Nangia, Managing Partner shares his views on aforementioned story for PTI.
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