Epigral Limited has informed the Exchange about Intimation for receipt of Order from Income Tax Department.
EPIGRAL · price
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On the reaction day the stock moved 2.9 pts less than Nifty Microcap 250 and 2.4 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Epigral Limited has received an assessment order from the Deputy Commissioner of Income Tax, Vadodara, for Assessment Year 2022-23 (Financial Year 2021-22). The order includes a demand notice of Rs. 52.52 crore, including applicable interest, passed under sections 143(3) read with 144C(13) of the Income-tax Act, 1961. The company states the order is part of ordinary assessment proceedings and that it has strong factual and legal grounds to contest the demand. Epigral plans to file a rectification application and an appeal within the prescribed timelines. The company has clarified that there is no immediate financial impact on its financials, operations, or other activities from this order.
While the Rs. 52.52 crore demand is sizeable, the company's strong rebuttal and intent to appeal suggest limited immediate impact, though the matter remains a contingent liability that investors should monitor as it progresses through the appeal process.