A revised Demand notice received from Office of Assistant Commissioner of Income Tax reducing the amount of Demand from Rs. 4,55,667/- to Rs. 19,950/- for the AY 2022-23.
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Indag Rubber Ltd has received a revised demand notice from the Office of the Assistant Commissioner of Income Tax for Assessment Year 2022-23. The original demand of Rs. 4,55,667 has been significantly reduced to Rs. 19,950. This is a substantial reduction of approximately 95.6% in the tax demand. The revision suggests a favorable correction by the tax authority, though the company may still have the option to contest the remaining amount.
Positive for shareholders as the reduced demand eases the financial burden on the company. The negligible remaining amount of Rs. 19,950 is unlikely to have any material impact on the company's financials or stock price.