Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Awaiting price reaction for this filing.
Kalpataru Projects International Limited (KPIL) has received a rectification order from the Deputy Commissioner of Income Tax, Central Circle-3(3), Mumbai under Section 154 of the Income Tax Act, 1961 for Assessment Year 2016-17. Following this order dated April 3, 2025, a prior income tax demand of Rs. 95.83 Crores has been fully rectified and brought down to Nil. This follows an earlier intimation made by the company on April 1, 2025. The development effectively wipes out a significant tax demand that had been pending against the company.
This is a positive development for shareholders as it removes a Rs. 95.83 Crore tax liability overhang on the company, improving earnings clarity and reducing contingent liability risk. The stock may see a positive reaction given the relief from a sizeable pending demand.