Income Tax Tribunal partly allows Grovy India's appeal
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 3.9 pts more than its Residential, Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Income Tax Appellate Tribunal partly allowed Grovy India's appeal for assessment year 2020-21 and removed a Rs 1 crore addition to taxable income concerning a loan from Nandini Tradex. This should reduce the Rs 119.24 lakh tax demand. Issues on jurisdiction, penalty and interest remain open, but operations are unaffected.
Positive for shareholders: removal of the Rs 1 crore income addition should lower the tax demand, although penalty and interest issues remain open.