Chronology of Events
- Assessment Year 2022-23: Income Tax Authorities raised a demand of ₹56,21,17,500 (₹56.21 crore) primarily on account of disallowance of exemption claimed by the Company on agricultural income
- 7th April 2026: Commissioner of Income Tax (Appeals) allowed the Company's claim and held the income to be Agricultural Income, thereby deleting the aforesaid demand
- 18th September 2026: Company received Notice of Hearing from ITAT regarding the appeal filed by Income Tax Department
Hearing Details
The matter is scheduled for hearing on 15th October 2026 before the Income Tax Appellate Tribunal, Hyderabad Benches.
Financial Impact
The tax demand involved in the matter is quantified at ₹56,21,17,500 (₹56.21 crore). The Company states it does not expect any material adverse impact at this stage as it believes it has a strong case on merits.
Company's Response
The Company is evaluating the notice and shall take all necessary steps to defend the matter before the Hon'ble Tribunal.
Disclosure History
This disclosure is in continuation of the Company's earlier intimations dated 8th April 2026 regarding receipt of the Demand Notice and receipt of the Appellate Order.
Authority Details
Name of Authority: Income Tax Appellate Tribunal, Hyderabad Benches
Nature of Action: Receipt of Notice of Hearing in appeal filed by Income Tax Department
Date of Receipt: 18th September 2026