Disclosure Nature
Regulatory intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding an income tax appellate order.
Event Summary
The company received an appellate order dated November 04, 2026, from the Commissioner of Income Tax (Appeals)-12, Ahmedabad regarding Assessment Year 2018-19.
Background of Case
The appeal was filed against an assessment order dated February 27, 2024, passed by the Assistant Commissioner of Income Tax, Central Circle 2(3), Ahmedabad under Section 153C of the Income-tax Act, 1961.
Original Allegation
The Assessing Officer had alleged that the company incurred unexplained commission expenditure of ₹1,57,500 in connection with a donation of ₹1,05,00,000 made to All India Social Education Charitable Trust. The addition was made under Section 69C read with Section 115BBE of the Income-tax Act, 1961.
Appellate Outcome
The Commissioner of Income Tax (Appeals) has:
- Deleted the addition of ₹1,57,500 made under Section 69C
- Held the consequential taxation under Section 115BBE to be unsustainable
- Partly allowed the appeal in favor of the company
Financial Impact
The order is favorable to the company. The exact consequential tax impact, if any, will be determined upon giving effect to the appellate order. There is no impact on the company's business operations.