High Court sets aside Rs 58.27 crore tax demand for AY 2018-19

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AI summary

The Calcutta High Court has set aside the income tax assessment order dated March 18, 2021 for AY 2018-19, which had raised a demand of about Rs 58.28 crore against Duroply Industries. The matter has been remanded back to the Assessing Authority for a fresh assessment, with the company getting an opportunity to present its case. The company had previously challenged the demand through a Writ Petition.

Likely market impact

Favorable court ruling reduces tax demand risk and gives company a fresh chance to defend its position before the tax authority.