Balrampur Chini Mills Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
BALRAMCHIN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Balrampur Chini Mills has received a rectification order from the Income Tax department on 2nd May 2025, following up on an earlier assessment order from 26th April 2025 for Assessment Year 2022-23. The original assessment order had raised a tax demand of Rs. 35.21 crore on the company. After the company filed a rectification application, the Office of the Assistant Commissioner of Income Tax has adjusted/deleted the entire demand using available MAT (Minimum Alternate Tax) credit, bringing the demand down to NIL. The company will still file an appeal against the original assessment order. There are no financial implications in terms of penalties or compensation since the demand has been set to zero.
This is a positive development for shareholders, as the Rs. 35.21 crore tax demand has been fully nullified through MAT credit adjustment. It removes a significant potential liability overhang and supports the company's cash position, though the underlying assessment order itself remains under appeal.