Goa Carbon Limited has informed the Exchange about the Assessment Order and Demand Notice received from the Faceless Assessment Unit, Income Tax Department.
GOACARBON · price
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Goa Carbon Limited has received an income tax assessment order from the Faceless Assessment Unit for Assessment Year 2024-25, along with a demand notice of approximately Rs. 3.20 crore (Rs. 3,19,66,260). The order was passed under Section 143(3) read with Section 144B of the Income-tax Act, and a penalty notice under Section 270A was also issued for the same year. The company has stated that it believes the demand computation contains errors and that it has a strong case on merits against the disallowances. It plans to file a rectification application and appeal before the appropriate appellate authority. Management has clarified that the order and demand notice do not have any adverse impact on the company's financials or business operations.
The tax demand of ~Rs. 3.20 crore is relatively small for the company, and management's confidence in contesting it limits immediate concern. However, investors should watch the appeal outcome, as an unfavourable ruling could create a contingent liability and weigh on sentiment.