Allcargo Terminals Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Allcargo Terminals Limited received a Notice of Demand from the Income Tax Department along with an Assessment Order under Section 158BC of the Income Tax Act for the block period from April 1, 2018 to April 5, 2025. The total tax demand raised is Rs. 53.04 crore, comprising Rs. 49.35 crore on the company and Rs. 3.69 crore on its unlisted wholly-owned subsidiary Speedy Multimodes Limited. The primary demand of Rs. 49.13 crore relates to disallowance of deduction under Section 80IA concerning eligibility of deduction for the Company's CFS (Container Freight Station) business. The company states this is a long-standing interpretational matter and that similar issues in earlier years were adjudicated favorably at appellate stages, including relief by the Commissioner of Income Tax (Appeals). The company is pursuing legal remedies and states there is no impact on operations, business continuity, or financial position.
While the tax demand of Rs. 53+ crore is material, the company has confirmed no operational or financial continuity impact. The company is contesting the assessment citing favorable judicial precedents on similar matters, suggesting this may not result in a final loss. Shareholders should monitor for appeals outcome and any cash flow implications if the demand crystallizes.