Prism Finance Limited has filed appeals before the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, against two separate orders from the National Faceless Appeal Centre (NFAC).
First Appeal Details
- Assessment Year: 2016-17
- NFAC Order Date: 19th June, 2026
- Order Reference: Passed under section 250 of the Income Tax Act, 1961
- Nature of Order: Dismissed the company's appeal against reassessment order under section 147
- Additions Upheld:
- ₹76,56,360 under section 68 (Unexplained Credits)
- ₹1,91,410 under section 69C (Unexplained Expenditure)
- Resulting Tax Demand: ₹53,63,710
Second Appeal Details
- Assessment Year: 2018-19
- NFAC Order Date: 1st July, 2026
- Order Reference: Passed under section 250 of the Income Tax Act, 1961
- Nature of Order: Dismissed the company's appeal against reassessment order under section 147
- Additions Made:
- ₹3,09,30,615 under section 68 (Unexplained Credits)
- ₹7,73,265 under section 69C (Unexplained Expenditure)
- Resulting Tax Demand: ₹4,62,09,520
Litigation Details
- Opposing Party: ITO, Ward-3(1)(1), Ahmedabad
- Forum: Income Tax Appellate Tribunal, Ahmedabad Bench
- Purpose: Seeking deletion of the additions confirmed by the NFAC orders
Financial Implications
The company states that it has taken necessary steps by filing appeals and, based on the merits of the matter, does not foresee any significant financial implications at this stage.