Goa Carbon Limited has informed the Exchange about the Order of the Hon''ble Bombay High Court at Goa.
GOACARBON · price
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Awaiting price reaction for this filing.
Goa Carbon had challenged a Rs. 73.70 crore income tax demand for Assessment Year 2023-24 before the Bombay High Court at Goa. The court has quashed and set aside both the assessment order and the demand notice, ruling that they were passed without giving the company a chance to be heard, which violated natural justice. The Income Tax Department has been directed to issue a fresh notice and pass a new assessment order after considering the company's replies, with an eight-week deadline. The company has said it will fully participate in the reassessment proceedings.
Positive for shareholders — a sizeable tax demand of nearly Rs. 74 crore has been set aside, removing an immediate liability overhang, though the matter is not fully closed as the tax department will redo the assessment.