Disclosure under Regulation 30 regarding assessment order received from Income Tax Department.
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Allcargo Terminals Ltd has received an assessment order from the Income Tax Department for the block period from April 2018 to April 2025. The tax demand totals Rs. 53.04 crore, with 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 of the Income Tax Act for Assessment Years 2023-24 to 2025-26, concerning eligibility of deduction for the company's CFS (Container Freight Station) business. The company states similar issues in earlier years were adjudicated favourably at appellate stages, and it considers the deduction claim legitimate and supported by judicial precedents. The company is pursuing legal remedies to contest the order.
While the tax demand is significant at Rs. 53+ crore, the company states it has no impact on operations, business continuity, or its underlying financial position. The matter is being contested legally, and previous similar disputes have been resolved favourably. However, investors should monitor the outcome of the appeal process.