GeeCee Ventures Limited has informed the Exchange about disclosure under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulations ) Update on litigations (Income Tax related matters).
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GeeCee Ventures Limited received an adverse ruling in its income tax appeal. The company's appeal before the Commissioner of Income Tax (Appeals) against a Rs. 13.40 crore addition to its income for Assessment Year 2017-18 was dismissed on April 27, 2026. The addition relates to dividend income that was disallowed and added back as taxable income by the Assessing Officer. The company plans to escalate the matter further by filing an appeal with the Income Tax Appellate Tribunal (ITAT) within the prescribed timelines. Management states it believes it has a reasonable case on merits and does not expect any material adverse impact on its financial position.
This is an adverse outcome at the first appellate level, but the company is pursuing further legal remedies. The Rs. 13.40 crore tax demand remains contested, and shareholders should monitor if the eventual ITAT ruling goes against the company, which could affect its financials.