Bansal Wire Industries Limited has informed to the Exchange regarding order received from Hon''ble High Court of Delhi quashing the Income Tax Demand of Bansal Steel & Power Limited (W.O.S.) ....
BANSALWIRE · price
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Bansal Wire Industries Limited disclosed that the Hon'ble High Court of Delhi has quashed income tax demand notices against its wholly-owned subsidiary, Bansal Steel & Power Limited. The court struck down two demands: Rs. 56.77 million for Assessment Year 2015-16 and Rs. 21.37 million plus Rs. 10.69 million interest for Assessment Year 2017-18, totaling approximately Rs. 88.83 million. The order was received on April 30, 2026. The demands related to periods prior to the approval of the resolution plan and were set aside under the 'clean slate theory'. The company clarified this has no financial impact, as these were pre-resolution plan claims that had already been accounted for.
Positive development for shareholders as it removes legal uncertainty around legacy tax liabilities of the subsidiary. The favorable court order strengthens the company's compliance framework without affecting financials since the claims were already treated under the resolution plan.