Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), this to inform that the company has opted to settle the pending appeals before Commissioner of Income Tax (Appeals)-31, New Delhi for the Assessment Year 2007-08 and 2011-12 under Direct Tax Vivad Se Vishwas Scheme, 2024. Principal Commissioners of Income Tax, Indore ("PR CIT") has accepted the request of the company to settle the dispute pertaining to both the assessment years vide separate orders dated 5th May, 2025 which is received to company on dated 7th May, 2025. Further, the said appeals filed by the Company for Assessment Year 2007-08 and 2011-12 were considered material and intimated to the stock exchanges by the Company on 11th August, 2023 and as well as through Integrated Corporate Governance Report for Q3 FY25 and Q4FY25, submitted to stock exchanges.
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Maral Overseas has settled two long-pending income tax appeals under the government's Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024. The disputes related to Assessment Years 2007-08 (additions/disallowances of Rs. 3.17 crore) and 2011-12 (Rs. 4.65 crore) before the Commissioner of Income Tax (Appeals), New Delhi. The Principal Commissioner of Income Tax, Indore accepted the company's settlement request through separate orders dated 5th May 2025, received by the company on 7th May 2025. The company settled both matters by forgoing part of its claimed business losses and unabsorbed depreciation, without any additional tax liability.
No material impact on the company's financials or operations as both matters were settled without additional tax outflow. Closure of these old disputes removes a long-pending uncertainty, though the company gives up some tax loss carry-forwards that could have provided future tax shields.