The Income Tax Appellate Order has pronounced an order in favor of the Indus Towers on denial of depreciation on assets received under the merger, disallowance of provision for expenses, amortization of Asset Retirement Obligation, provision for SLA Credit, etc.
The matter was related to the Income Tax Act (2009-10 to FY 2016-17 (except FY 2014-15) and FY 2019-20 to FY 2020-21).
This is a significant positive outcome for the Company and will result in a reduction of ₹ 35,000 Mn (approx) in contingent liability.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
