Indian Hume Pipe Company Limited has informed the Exchange about General Updates
INDIANHUME · price
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Indian Hume Pipe Company has received a favorable order from the Commissioner of Income Tax (Appeals), Delhi, for Assessment Year 2023-24. The original assessment had made additions/disallowances of Rs. 298.82 Crore, leading to a tax and interest demand of Rs. 98.02 Crores. The CIT(A) has granted partial relief by deleting Rs. 281 Crore of additions and confirming only Rs. 17.82 Crore. The company is planning to file a further appeal before the higher appellate forum against the remaining confirmed additions, and expects the balance demand to also subside.
This is a positive development for shareholders as the majority of the tax demand has been quashed, significantly reducing the company's tax liability exposure. The remaining amount is small and the company expects it to also be resolved favorably, with no material impact on operations or financials.