Intimation of Notice received u/s 148A(1) of Income Tax Act, 1961
GRAUWEIL · price
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Grauer & Weil India has received a notice from the Office of the Assistant Commissioner of Income Tax, Mumbai, under Section 148A(1) of the Income Tax Act, 1961. The notice, received on 1 April 2025, pertains to Assessment Year 2019-20 and relates to the company's transactions with non-filers and cash deposits made at J&K Bank. The tax department is seeking additional information and has asked the company to show cause why a notice under Section 148 should not be issued. No penalties or fines have been mentioned in the notice so far.
The company states there is currently no expected impact on its financial or operational activities. However, the outcome of the company's reply to the tax authority could affect future tax liabilities if a reassessment is opened. Shareholders should monitor the company's response and any further developments.