Crompton Greaves Consumer Electricals Limited has informed the Exchange about Action(s) taken or orders passed
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Crompton Greaves Consumer Electricals Limited has received an order from the Commissioner of Income Tax (Appeals), National Faceless Appeals Centre, Delhi for Assessment Year 2020-21. The order relates to an appeal filed by the company against an assessment order dated September 26, 2022 passed under Section 143(3) of the Income Tax Act, 1961. The tax demand of INR 65,23,167 has been raised due to disallowance of provision for warranty and after sales services. The company states there is no material impact on its financials, operations, or other activities. The company plans to file an appeal against this order and expects a favorable outcome.
This is a routine tax dispute where the company is contesting a INR 65 lakh demand through proper appellate channels. The financial impact is minor relative to the company's scale, and the stock is unlikely to be affected as the matter is under appeal.