Carraro India Limited has informed the Exchange about update on appeal filed by the Company with respect to Income-tax assessment order and appeal filed with the Commissioner of Income-tax (Appeals) [ CIT-(A) ] pertaining to assessment year 2014-15.
CARRARO · price
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Carraro India has received a letter from the Commissioner of Income-tax (Appeals) in Pune dated June 13, 2025, regarding its ongoing tax appeal for assessment year 2014-15. The Income-tax Assessing Officer has filed a Remand Report arguing that the company's claims and evidence should not be accepted, which could sustain a tax adjustment of Rs. 32.62 crore. The company has been asked to submit its response by June 23, 2025, and based on legal advice, believes it will receive a favourable order. The company has stated there is no immediate impact on its financials or operations from this development.
This is a contingent tax liability of Rs. 32.62 crore for a decade-old assessment year. Since the company is actively contesting the matter and expects favourable relief, there is no immediate financial hit, but adverse outcome could materially affect earnings.