Gujarat State Petronet Limited has informed the Exchange about disclosure under Regulation 30 of SEBI Listing Regulations regarding receipt of Income Tax Order
Awaiting price reaction for this filing.
Gujarat State Petronet Limited received a scrutiny assessment order from the Income Tax Department for Assessment Year 2024-25 (FY 2023-24) dated 23 March 2026. The department accepted the company's returned income of Rs. 1,435 crore as the assessed income with no additions or disallowances. However, in the tax computation sheet, the department erroneously took total income as Rs. 1,683 crore — inflating it by Rs. 248 crore. This mistake has led to an erroneous tax demand of Rs. 77.76 crores (including interest). The company states this is a clear error on the tax department's part and that it has committed no violation. It plans to file an application for rectification of mistake along with a stay on demand before the Assessing Officer and is confident the demand will be nullified.
The company says there is no material financial impact expected as it views the Rs. 77.76 crores demand as a computational error by the tax department and intends to get it rectified. The stock is unlikely to see lasting impact unless the rectification process is delayed or contested by the tax authority.