Income tax appeal order confirms ~₹30 Cr demand; company to appeal further

CROMPTON · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

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₹231.25

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₹228.01

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AI summary

Crompton Greaves faced an income tax demand of ~₹29.92 crore (tax ~₹24.59 Cr + interest ~₹5.33 Cr) for AY 2023-24, relating to disallowance of warranty/after-sales service provisions, intangible asset depreciation, and ESOP expenses. The Commissioner of Income Tax (Appeals) has confirmed the original assessment order. The company plans to file a further appeal, citing merits, prevailing law, and consultant advice, and expects a favourable outcome. Management states no material impact on financials or operations.

Likely market impact

Tax demand of ~₹30 Cr confirmed at first appeal; company plans further appeal and expects favourable order. No material impact claimed.