Idea gets IT notice, calls it 'erroneous' - Times of India

The author has posted comments on this articlePTI | Apr 26, 2013, 05.31AM IST MUMBAI: Mobile operator Idea Cellular said on Thursday it has been served a notice by the Income Tax Department, which the company believes is "erroneous" and it has approached appropriate forums. "On the last day of the financial year we received a tax demand on idea cellular and its subsidiaries. We believe the demand is not in line with current tax practices and the demand is erroneous," Idea Cellular MD Himanshu Kapania told reporters here. He added, "The company believes that no tax is applicable to us and we have appealed at appropriate forums for squashing of the demand." Helped by growth in voice usage and data con sumption, Idea posted a 29% jump in consolidated net profit at Rs 308 crore for the fourth quarter ended March 31, compared to Rs 239 crore in the same period last fiscal. Given the strong performance, the company has announced a dividend for the first time in 16 years. Revenues in January-March 2013 rose by 13% at Rs 6,061 crore against Rs 5,370 crore in the corresponding period last fiscal. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGPggiU1RuibDVLLmOLNG9dXxxF6w&url=http://timesofindia.indiatimes.com/business/india-business/Idea-gets-I-T-notice-calls-it-erroneous/articleshow/19734052.cms

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