Bharat Seats Limited has informed the Exchange about General Updates
BHARATSE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Bharat Seats Limited has received appellate orders from the Income Tax Department's Office of Commissioner of Income Tax (Appeals) for six assessment years spanning 2018-19 to 2021-22 and 2023-24 to 2024-25. The total outstanding tax demand is Rs 12.25 crores. Management believes this demand will reduce to Rs 2.45 crores after the assessing officer gives effect to the appellate orders. The company plans to file appeals before the Income Tax Appellate Tribunal for the remaining Rs 2.45 crore demand. The appeal for AY 2022-23 is still pending.
The Rs 12.25 crore tax demand (reducing to Rs 2.45 crore as per management) represents a moderate financial exposure. While the company is contesting the demand through proper legal channels, shareholders should monitor this as it could affect cash flows if the full demand is upheld by the ITAT.