INDIA PESTICIDES LIMITED
Key Quantitative Figures
- Tax Demand Amount: ₹7,09,58,949.00 (approximately ₹7.1 crore)
- Assessment Additions: ₹10,12,15,449 (approximately ₹10.12 crore) comprising:
- Alleged unexplained investment in stock under Section 69
- Profit attributed to alleged unaccounted sales
Dates of Action
- Search and Seizure Operation: Conducted on 12th December 2024 under Section 132 of the Income-tax Act, 1961
- Block Assessment Period: 1st April 2018 to 10th February 2025
- Communication Period Applicable: 01st April 2018 to 10th December 2025
- Disclosure Date: 29th June 2026
Parties Involved
- Issuing Authority: Office of the Asst. Commissioner of Income Tax, Central Circle-II, Lucknow
- Company Representative: Narendra Dev Nath Ojha, Company Secretary & Compliance Officer
Management Response and Financial Impact
- The company has carefully examined the Notice of Demand and based on legal advice received, believes the demand is not tenable in law
- The company is evaluating options to avail legal remedies and file an appropriate appeal against the demand order
- Management is confident that there is no material financial impact to the Company
Background Context
The demand follows a search and seizure operation conducted on the company and its group entities on 12th December 2024. Block assessment proceedings were subsequently initiated for the period from 1st April 2018 to 10th February 2025.