The Company has received order u/s 263 of the Income Tax Act ,1961 from PCIT of Income Tax, Thane in relation to assesment year 2020-21. The Order is appealable and the company is reviewing ....
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Innovators Facade Systems has received an order from the Principal Commissioner of Income Tax (PCIT), Thane, under Section 263 of the Income Tax Act, 1961, for Assessment Year 2020-21. The tax authority has set aside the original assessment and directed the Assessing Officer to add Rs. 9.33 Crores to the company's taxable income, treating it as unexplained expenditure under Section 69C read with Section 115BBE. The order is appealable, and the company is reviewing it to decide whether to appeal. The management has stated there is no material impact on financials, operations, or other activities of the company.
This is a tax-related adverse order, but it is not yet final — the company is evaluating an appeal. If upheld, the Rs. 9.33 Crore addition could increase the company's tax liability for AY 2020-21, though management has downplayed any material impact.