Bombay Dyeing & Mfg Company Limited has informed the Exchange about Action(s) initiated or orders passed
BOMDYEING · price
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Bombay Dyeing received an Assessment Order from the Income Tax Department's Assessment Unit for Assessment Year 2023-24. The order enhances the company's taxable income by INR 574.35 crore, which has been set off against available tax losses. A tax demand of Rs. 2,26,760 has been raised. Separately, penalty proceedings have been initiated by the IT department. The income enhancement is due to transfer pricing adjustments, disallowance of deductions claimed on real estate income offered in earlier years, and certain other expenses. The company states operations remain unaffected and it will exercise legal remedies available under the Income Tax Act.
The actual cash demand is small at Rs. 2.27 lakh, but the INR 574.35 crore taxable income enhancement and separate penalty proceedings could have future tax liability implications. Investors should monitor for additional penalty outcomes.