Enclosed herewith Disclosure on Income Tax Assessment Order under Regulation 30 of the SEBI (LODR) Regulations, 2015.
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Dai-Ichi Karkaria has received an income tax assessment order for Assessment Year 2024-25, passed under section 144 read with section 144B of the Income-tax Act. The order disallows Rs. 94,018 under section 14A (expenditure against exempt income) and treats Rs. 90.93 lakh of export incentive receivable as a taxable revenue receipt. As a result, the company's accumulated losses have been reduced by Rs. 91.87 lakh. No penalty has been quantified in the order. The company intends to file an appeal before the Income Tax Appellate Tribunal (ITAT) to contest the order.
The direct financial impact is modest at around Rs. 92 lakh reduction in accumulated losses, with no penalty imposed. Since the company is appealing, the final outcome remains uncertain. Shareholders should monitor the appeal progress, but near-term impact on the stock is likely limited given the small size of the disallowance relative to the company.