PETALING JAYA: The High Court has allowed with cost Tenaga Nasional Bhd’s (TNB) judicial review application to set aside the Inland Revenue Board’s (IRB) notice of additional assessment of RM1.81bil dated July 13, 2020 for the year of assessment 2018.

       In a filing with Bursa Malaysia yesterday, the power company said the High Court agreed with the submission of TNB’s legal counsel that it is in the business of manufacturing electricity.

       “As such, TNB is entitled to claim reinvestment allowance on the capital expenditure which was incurred in the year of assessment of 2018 in the course of expanding, modernising and automating its business,” it said.