Ashapura Minechem Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
ASHAPURMIN · price
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On the reaction day the stock moved 0.2 pts less than Nifty Microcap 250 and 0.8 pts more than its Industrial Minerals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Ashapura Minechem has received an Income Tax order from DCIT for Assessment Year 2019-20, following direction from ITAT Mumbai. The Assessing Officer accepted the company's position and concluded that a prior adjustment of Rs. 259.20 crore made by CPC was not in accordance with the law. As a result, the company's total income for the year has been computed as Nil, and Rs. 259.20 crore in business and depreciation losses (including those from earlier years) have been restored to the company. These losses can now be set off against future profits, providing future tax shields. Additionally, the company stated it has settled all other pending direct tax litigations under the Vivaad Se Vishwas 2024 scheme and is now free of all income tax-related litigations.
Positive for shareholders — Rs. 259.20 crore in tax losses are now available to offset future taxable profits, which can significantly reduce tax outflows in upcoming years. The company also confirmed it is now clear of all income tax litigations, removing a long-standing overhang on the stock.