Crompton Greaves Consumer Electricals Limited has informed the Exchange about Action(s) taken or orders passed
CROMPTON · price
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Crompton Greaves Consumer Electricals has received an order from the Commissioner of Income Tax (Appeals), National Faceless Appeals Centre, Delhi, confirming an earlier assessment order for Assessment Year 2022-23. The tax demand amounts to ₹68.67 crore (tax ₹57.13 crore plus interest ₹11.54 crore), arising from disallowances of provisions for warranty and after-sales services, depreciation on intangible assets, and ESOP expenses. The company had already filed an appeal against the original March 2024 assessment order. The company now plans to file a further appeal citing merits of the matter, prevailing law, and consultant advice, expecting a favourable outcome. The company claims no material impact on financials or operations.
While the demand of ₹68.67 crore could be material, the company states there is no material impact and is pursuing further appeals. Until the tax dispute is resolved, it remains a contingent liability but does not directly affect current operations or stock price immediately.