Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
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Bharat Seats Limited has received Assessment Orders and Demand Notices from the Income Tax Department (Office of the Deputy Commissioner of Income Tax, Central Circle-19, Delhi) under sections 147/143(3)/156 of the Income Tax Act, 1961. The notices cover ten assessment years from 2014-15 to 2021-22, 2023-24, and 2024-25. The total demand (net of refunds and including interest) stands at Rs. 20.11 crores. The orders were received on 28th, 29th, and 31st March 2025. The company plans to file appeals and rectification applications, and based on legal advice, management expects a favorable outcome.
The company maintains no material impact on financials or operations is expected as it plans to contest the demand. However, the Rs. 20.11 crore tax demand adds a contingent liability overhang until appeals are resolved, which investors should monitor.