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 a tax demand of ₹42.61 crore (₹34.53 crore as tax and ₹8.08 crore as interest) from the Income Tax Department, Mumbai, for Assessment Year 2024-25. The demand relates to disallowance of ESOP expenses, warranty and after-sale service provisions, depreciation on intangible assets, and payments to non-filers of income tax returns. The company plans to file an appeal before the National Faceless Appeal Centre (NFAC) within the prescribed timeline. Based on legal advice, the company expects a favourable outcome at the appellate level and states there is no material impact on its financials or operations.
While the demand amount is sizable, the company is contesting it and does not view it as a material financial impact. Short-term sentiment may be mildly negative due to the tax liability, but the stock is unlikely to see significant movement unless the appeal outcome surprises negatively.