Hma Agro Industries Limited has informed the Exchange regarding 'Intimation under Regulation 30 read with Para B of Part A of Schedule III ofthe Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations, 2015.- Update on Income Tax Proceedings Favorable Outcome for the Company'.
HMAAGRO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
HMA Agro Industries has received a favorable ruling in its appeal against income tax demand notices for Assessment Years 2019-20, 2021-22, 2022-23, and 2023-24. The Commissioner of Income Tax (Appeals), Kanpur, has passed final orders quashing the substantial tax demands that were earlier raised by the Deputy Commissioner of Income Tax, Central Circle, Agra. Following this, the Income Tax Department has issued revised refund orders in the company's favor. The company has stated that the demands were never expected to have a material financial impact, and the refunds now due are not significant relative to its overall financials. However, the Income Tax Department has filed further appeals before the Income Tax Appellate Tribunal (ITAT), Agra, meaning the matter is not yet fully closed.
Mildly positive for shareholders, as a potential tax liability has been quashed on appeal. However, the department's fresh appeal at ITAT keeps some uncertainty alive, and the company itself says the financial impact is not material.