Gravita India Limited has informed the Exchange about General Updates
GRAVITA · price
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Awaiting price reaction for this filing.
Gravita India Limited's subsidiary, M/s Gravita Metal Inc. (a partnership firm), has received an income tax demand of ₹4.09 crore (₹2.84 crore tax + ₹1.25 crore interest) from the National Faceless Appeal Centre (NFAC) for Assessment Year 2018-19. The demand arose from reduction of income in a revised return, a claim of excise duty refund, and an unsecured loan accepted for business purposes. The order was issued on May 29, 2025 and received by the company on June 2, 2025. Gravita believes the demand is not maintainable and plans to file an appeal before the ITAT Amritsar Bench as well as a rectification application. The company has stated it does not foresee any material financial impact, and no penalty, restriction, or sanction has been imposed.
Since this is a contested tax demand at the subsidiary level and Gravita plans to appeal with confidence of a favorable outcome, the near-term financial hit is expected to be minimal. However, shareholders should watch the ITAT ruling, as an adverse outcome could lead to a cash outflow of roughly ₹4 crore at the subsidiary level.