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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Goa Carbon had filed a Writ Petition before the Bombay High Court at Goa challenging an income tax assessment order and a demand notice totalling Rs. 73.70 crore for Assessment Year 2023-24. The High Court, in its order dated 14th July 2025 (uploaded on 18th July 2025), has quashed and set aside both the order and the demand notice, ruling that they were passed without giving the company a chance to be heard, which violated principles of natural justice. The Income Tax Department has been given 8 weeks to issue a fresh notice and pass a new assessment order after considering the company's submissions. The company has stated it will fully participate in the fresh assessment proceedings. This is a significant relief as the Rs. 73.70 crore demand has been set aside, though the tax matter itself remains open and could be refiled.
Positive for shareholders in the short term as a potential Rs. 73.70 crore tax liability has been temporarily set aside by the High Court. However, the tax department will get another chance to reassess, so the issue is not fully closed and some uncertainty remains.