Isgec Heavy Engineering Limited has informed the Exchange about Intimation of receipt of Income Tax Order under Section 143(3) of Income-tax Act
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Isgec Heavy Engineering's wholly owned subsidiary, Saraswati Sugar Mills Limited, has received an income tax assessment order under Section 143(3) read with Section 144B of the Income Tax Act, 1961, for Assessment Year 2024-25 (FY 2023-24). The order involves a demand of Rs. 18.80 Crore, including applicable interest, arising from the disallowance of certain expenditure. The order was passed on March 25, 2026 and received by the subsidiary on March 26, 2026. The subsidiary plans to file an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, within prescribed timelines. The company believes it has strong factual and legal grounds and expects the entire tax demand to be deleted upon appeal.
Short-term impact is limited as the company plans to appeal and expects full deletion of the demand. However, if the appeal fails, the subsidiary may have to pay Rs. 18.80 Crore, which could affect the consolidated financials. Shareholders should monitor the appeal outcome.