Kaveri Seed Company Limited has informed the Exchange about General Updates regarding the Intimation of Disclosure of Receipt of Order from the Income Tax Department under Regulation 30 of SEBI (LODR) Regulations, 2015.
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Kaveri Seed Company Limited has received a favorable order from the Income Tax Appellate Authority dated 07th April 2026. The company's appeal against a tax demand of Rs. 56,21,17,500 (approximately Rs. 56.2 crore) for Assessment Year 2022-23 has been decided in its favor. The demand was originally raised by IT authorities due to disallowance of exemption claimed on Agricultural Income. The appellate authority allowed the company's claim, treating the income as agricultural income, thereby setting aside the entire demand. This follows the company's earlier disclosure dated 01st April 2024 regarding receipt of the demand notice and its intention to pursue legal remedies.
Positive development for shareholders as the entire tax demand has been set aside with no adverse financial impact on the company. This removes a significant uncertainty and potential liability from the company's books.