Gujarat State Petronet Limited informs the exchange regarding receipt of rectification order from Asst. Commissioner of Income Tax, Gandhinagar Circle u/s 154 of Income Tax Act, 1961
Awaiting price reaction for this filing.
Gujarat State Petronet Limited received a rectification order from the Assistant Commissioner of Income Tax, Gandhinagar Circle. The order corrects an earlier tax assessment for Assessment Year 2024-25 (FY 2023-24), reducing the assessed income from Rs.1,683 crores to Rs.1,435 crores. This is a routine tax administrative correction under Section 154 of the Income Tax Act. The company has confirmed that this rectification has NIL financial impact on its operations or financial position. The filing is a mandatory disclosure under SEBI LODR Regulations, 1961.
The rectification reduces assessed taxable income and is unlikely to affect the company's financial position or shareholder value, as the impact is explicitly stated as NIL.