Global Surfaces Limited has informed the Exchange about Action(s) initiated or orders passed
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Global Surfaces Limited has received an assessment order from the Income Tax Department (Assistant Commissioner, Central Circle, Kolkata) for Assessment Year 2023-24, along with a notice of demand under Section 156 of the Income-tax Act, 1961. The aggregate demand raised against the company is ₹37,48,89,740 (approximately ₹37.49 crore). The order contains certain additions and disallowances to the company's filed return of income. The company has stated it has adequate legal and factual grounds to contest the matter and does not expect any material adverse impact on its financials or operations. It plans to file an appeal before the appropriate appellate forum.
A tax demand of ~₹37.49 crore is sizeable relative to most small-cap companies and could create short-term uncertainty around cash flows if payable upfront, though the company plans to appeal. Investors should monitor the appeal outcome and any provision the company makes in its books for this contingent liability.