Bombay Dyeing & Mfg Company Limited has informed the Exchange about General Updates
BOMDYEING · price
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Bombay Dyeing has informed the exchanges that the Maharashtra State Tax Tribunal in Mumbai has annulled (cancelled) a tax demand of ₹3,91,23,070 (approximately ₹3.91 crore) raised against the company for the period April 2017 to June 2017 (FY 2017-18). This followed an appeal filed by the company against the original assessment order. The tribunal ruled in favour of the company, effectively wiping out the disputed tax liability. This is a positive outcome as the company no longer needs to pay this amount or set aside provisions for it.
Positive for shareholders — the company has won a tax dispute worth nearly ₹4 crore, which frees up cash and removes a contingent liability. This could marginally improve earnings if provisions were earlier made, and is a small relief in the company's broader financial situation.