Please refer the attached disclosure regarding the Order issued by the Hon''ble Income Tax Appellate Tribunal (ITAT) received by the Company.
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The Income Tax Appellate Tribunal (ITAT), Delhi Bench has dismissed the appeal filed by the Income Tax department against HB Leasing & Finance Company Ltd. The dispute related to the block period from 1 April 1987 to 7 August 1997, where the Assessing Officer had originally made an addition of about Rs. 45.03 crore to the company's income on allegations of undisclosed income and raised an income tax demand of about Rs. 31.07 crore in 2017. The Commissioner of Income Tax (Appeals) had already deleted this addition in December 2024, and the ITAT has now upheld that decision by dismissing the department's appeal on 7 November 2025. The company has stated that there is no material impact on its financial position or operations.
Positive for shareholders — the company has won a long-pending tax dispute worth around Rs. 31 crore in demand, with the ITAT confirming the deletion of the addition. This removes a major historical tax liability overhang, though the company states there is no material financial impact at present.