Brainbees Solutions Limited has informed the Exchange about the orders issued by Hon ble Bombay High Court setting aside the notices received under section 148A(b) of the Income Tax Act for A.Y. 2018-19, A.Y. 2019-20, A.Y. 2020-21 and A.Y. 2021-22
FIRSTCRY · price
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The Bombay High Court has set aside four income tax reassessment notices issued to FirstCry (Brainbees Solutions) for assessment years 2018-19, 2019-20, 2020-21, and 2021-22. The court ruled that the notices were issued without jurisdiction and noted that a judicial precedent in the company's favor existed. The company had earlier obtained interim relief staying the reassessment proceedings, and the final hearing has now resulted in the notices being fully quashed. The company has confirmed there is no adverse financial or operational impact from this development.
This is a positive outcome for shareholders as it removes the uncertainty and potential tax liability from these four assessment years. The court's ruling eliminates the risk of additional tax demands and any related penalties from these proceedings.