Please find the attached communication which is self explanatory.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Principal Commissioner of Income Tax, Mumbai-6, has rejected the company's revision petition filed under Section 264 of the Income Tax Act, 1961, for Assessment Year 2015-16. The order upholds the Assessing Officer's additions to income of Rs 10.60 crores under Section 147 read with Section 144 of the Act. As a result, the company faces a tax demand of Rs 10.41 crores (including interest) plus a penalty of Rs 3.60 crores under Section 271(1)(c), taking the total potential impact to around Rs 14 crores. The order was received by the company on March 30, 2026. The management has stated it is examining the order and will take appropriate legal steps in due course.
This is a negative development for shareholders. A combined tax demand and penalty of roughly Rs 14 crores against a small company could materially pressure its financials and cash flow. The stock may see a negative reaction until the company clarifies its next legal course of action and the likely outcome.