Intimation pursuant to regulation 30 (4) and para B of Schedule III to the SEBI (LODR) Regulations 2015, regarding the matter of appeal filed before Hon''ble Income Tax Appelate Tribunal, ....
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G. G. Dandekar Properties Ltd had filed appeals before the Income Tax Appellate Tribunal (ITAT) Nagpur Bench challenging income tax orders for assessment years 2011-12 and 2013-14. The company has now received an order from ITAT allowing it to withdraw these appeals because it has already applied for settlement of the same disputes under the Direct Tax Vivad se Viswas Scheme (DTVVS), 2024. As a result, the ITAT appeals stand dismissed as withdrawn. The matter is now pending with the Income Tax department under the DTVVS scheme, and the company will update the exchange on further developments. The DTVVS scheme is a government initiative that allows taxpayers to settle pending tax disputes by paying a reduced amount, thereby avoiding prolonged litigation.
This is a neutral-to-positive development for shareholders as it ends years of tax litigation uncertainty. The company is opting for a formal settlement route rather than continuing legal battles, which should eventually bring clarity on the tax liability, though the final payment amount under DTVVS is not yet disclosed and will determine any near-term financial impact.