Background and Event Summary
This disclosure is a continuation of the company's previous disclosure dated May 27, 2026, regarding an initial tax demand of ₹30,27,98,870 under Section 143(1) of the Income Tax Act, 1961 for Assessment Year 2025-26.
On June 29, 2026, Powerica Limited received a rectification order under Section 154 of the Income Tax Act, 1961, which revised the tax demand to ₹31,13,00,750 for the same Assessment Year (2025-26). The company had previously filed a formal response with the Income Tax Authorities on June 17, 2026, regarding the initial demand.
Key Quantitative Figures
- Initial tax demand (disclosed May 27, 2026): ₹30,27,98,870
- Revised tax demand (June 29, 2026 rectification order): ₹31,13,00,750
- Increase in demand: ₹85,01,880
Authority and Timing
- Authority: Centralized Processing Center, Income Tax Department, Bengaluru
- Date of receipt: June 29, 2026
- Time of receipt: 01:25 PM
- Assessment Year: 2025-26
Reason for Revised Demand
The revised tax demand was received on account of TDS set-off adjustments.
Financial and Operational Impact
The company explicitly states that there is no material impact on its financials, and no impact on its operations or other activities relating to the order for the said Assessment Year in the current financial year.
Compliance Status
- No aberrations/non-compliances identified by the authority
- No penalty, restriction, or sanction imposed
Company Actions
The order is rectifiable and the company is currently:
1. Reviewing the order
2. Evaluating the next steps in this matter
3. Had previously filed a rectification application against the earlier order on June 17, 2026 for rectification under Section 154 of the Act
Authentication
Disclosure digitally signed by Anita Praful Renuse, Company Secretary & Compliance Officer (ACS: 25102) on June 29, 2026 at 18:09:01 IST.