Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
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 Commissioner of Income Tax (Appeals), Delhi, under Section 250 of the Income Tax Act, 1961 for assessment years 2014-15 to 2017-18. As a result of these orders, the company's income tax demand of Rs. 7.86 crores for those four years will be reduced to nil. The total outstanding tax demand across AY 2014-15 to 2024-25 was Rs. 22.43 crores, and the balance demand of Rs. 14.57 crores for AY 2018-19 to 2024-25 is still pending appeal before CIT(A). This is a positive outcome for the company, wiping out nearly a third of its total tax liability.
Positive for shareholders — a Rs. 7.86 crore tax demand has been fully set aside in appeal, easing the company's overall tax burden and potentially freeing up cash. The remaining Rs. 14.57 crore demand is still under appeal, so a final resolution is pending.