Announcement Under Regulation 30 of LODR - Update on Income Tax Cases for AY 2013-14 & AY 2014-15.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Himalaya Food International has won two long-pending Income Tax appeals at the Income Tax Appellate Tribunal (ITAT) in Delhi for Assessment Years 2013-14 and 2014-15. The Income Tax Department had tried to add about Rs. 84.27 crore (AY 2013-14) and Rs. 35 crore (AY 2014-15) — together roughly Rs. 119 crore — to the company's taxable income. The Tribunal dismissed both appeals and accepted the company's position. Key wins: mushroom cultivation income was treated as agricultural income (fully tax-exempt), and tax benefits under Section 35AD for the company's cold chain investment were upheld. The ruling brings closure to disputes that had been hanging over the company for over a decade.
Positive for shareholders — the company avoids a potential tax demand of around Rs. 119 crore plus interest/penalties, removes a major overhang on the stock, and confirms its tax positions on core business activities (mushroom farming and cold chain).