CG Power and Industrial Solutions Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI LODR'.
CGPOWER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.7 pts less than Nifty 100 and 2.3 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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CG Power filed a revised income tax return for AY 2021-22 declaring a tax loss of ₹2,622.90 crore. The Income Tax Assessing Officer issued a draft assessment order proposing an upward revision of taxable income to ₹1,194.54 crore. The company challenged this before the Dispute Resolution Panel (DRP), but the DRP has rejected all the company's objections, which may lead to an additional tax liability for that year. The final assessment order is still awaited, after which the company plans to pursue further legal remedies. The company maintains that its original tax positions are well-supported by existing legal precedents and opinions.
Negative development — a DRP ruling against the company could lead to a sizeable additional tax outflow once the final order is issued, though the exact amount remains uncertain. The stock may see short-term pressure, but the company's confidence in its legal position and option to appeal provide some cushion.