In reference to our intimation dated March 26, 2025 with respect to receipt of order from Income Tax Department, we herewith intimate that the company has filed an appeal against the order ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Eastern Treads Ltd has filed an appeal with the Joint Commissioner of Income Tax (Appeals) against an order dated March 25, 2025 from the Income Tax Department. The tax authority raised a demand of Rs. 1,90,34,980 for Assessment Year 2023-24 after treating purchases worth Rs. 1.97 crore as unexplained expenditure under Section 69C, because certain third-party suppliers did not respond to verification notices. The company maintains that all purchases were genuine, supported by audited books, invoices, bank payment records, and stock registers, and that the non-response from third parties was beyond its control. The matter is now pending before the appellate authority and further updates will be shared with the stock exchange.
The financial impact is limited to the disputed demand of Rs. 1.90 crore, which the company is contesting. Since the appeal has been filed, there is no immediate cash outflow, but the stock could see mild volatility if investors view the tax dispute negatively until it is resolved.