DIC India Limited has informed the Exchange about Action(s) taken or orders passed
DICIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
DIC India informed exchanges that the Income Tax Assessing Officer has passed an order giving effect to a partly favorable ITAT ruling. The original tax demand of Rs. 64,07,051 (including interest) for FY 2019-20 (AY 2020-21) has been drastically reduced to Rs. 3,36,723. The company had earlier appealed against the original order before the Income Tax Appellate Tribunal (ITAT), which had partly allowed the appeal. DIC India has further filed a miscellaneous appeal under Section 254(2) before the ITAT 'C' Bench, Kolkata to challenge the remaining demand. The company stated there is no impact on its financial, operational, or other activities, and no penalty or restriction has been imposed.
Positive for shareholders as the tax liability has been cut by roughly 95% from the original demand. The matter is still being contested further but the remaining amount is small and unlikely to materially affect the company's financials or stock price.