Date: 03rd July 2026
Legal / Strategic Disclosures
Nature of Proceeding: Income Tax Appeal
Authority: Income Tax Department - Office of the Commissioner of Income Tax Appeal - 49, Mumbai
Assessment Year: 2019-20
Details of Original Order:
- The Income Tax Department had previously issued an order under Section 201 of the Income-tax Act, 1961
- The company was treated as an 'assessee in default' for alleged non-deduction of taxes on year-end provisions
- This resulted in a tax demand of ₹72,71,510
Appeal Outcome:
- The Commissioner of Income Tax Appeal accepted the company's submissions
- Issued a favorable order dropping the proceedings initiated under Section 201 of the Income-tax Act
- Deleted the entire demand of ₹72,71,510
Legal Reasoning:
- The authority held that once the company made disallowance in its tax computation, it cannot be treated as an 'assessee in default' under section 201(1) for the same amount
- Therefore, the company should not be subjected to demand and interest for the same amount
Date of Receipt: Order received by the company on 02nd July 2026
Financial Impact: The company states there is no material impact on financial, operational or other activities of the company quantifiable in monetary terms.
Signature Details
Submitted by: Haresh Bachubhai Vala
Designation: Company Secretary and Compliance Officer
Membership No.: A18246
Date of Submission: 03rd July 2026
No material disclosures under the following sections: KMP / Board / Auditor Changes, Dividend Declaration, Board Meeting Outcomes, Financial Results, Auditor's Report, Disinvestment / Strategic Actions, Media Release / Investor Communication