Pursuant to provisions of Regulation 30 of SEBI (LODR) Regulations, 2015 we hereby inform you that the office of Commissioner of Income Tax (Appeal) has passed an order under Section 250 ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Accel Ltd has received a favourable order from the Commissioner of Income Tax (Appeal), Mumbai, under Section 250 of the Income Tax Act, 1961, for Assessment Year 2018-19. The tax authority had earlier disallowed the set-off of a Long Term Capital Loss of Rs. 7.38 crore against Long Term Capital Gains of Rs. 10.36 crore, citing a nil consideration mismatch in Schedule CG. The CIT (Appeal) has now allowed the company's appeal and deleted the entire addition. The company will get an approximate tax benefit of around Rs. 1.63 crores (calculated at 20% LTCG rate plus surcharge and cess). No penalty or interest is involved in this order, and the company has stated there is a positive impact on its financials.
Positive for shareholders — the company wins a tax dispute worth Rs. 1.63 crores in tax savings, with no penalty or interest liability. This is a modest one-time benefit and unlikely to materially move the stock price, but it removes an overhang on the AY 2018-19 assessment.