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. (News flashed by PTI has been picked up 178 other news publication like Economic Times, Times of India, Business Standard, Bloombergqunit, Outlook,India today etc.)