Mawana Sugars Limited has informed the Exchange about the Income Tax Department has dropped the demand of Rs.9,54,53,137/- (Rupees Nine Crore Fifty Four Lakh Fifty Three Thousand One Hundred Thirty Seven Only)
MAWANASUG · price
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Awaiting price reaction for this filing.
Mawana Sugars Limited has informed the stock exchange that the Income Tax Department has withdrawn/dropped a tax demand of Rs. 9,54,53,137 (approximately Rs. 9.54 crores) raised against the company. No further details on the assessment year, the basis of the demand, or the reason for withdrawal have been disclosed in this filing. The resolution removes a pending tax liability that had been hanging over the company. The exact financial impact on the company's books will depend on whether any provision had already been made in earlier accounts.
Positive for shareholders — the removal of a ~Rs. 9.54 crore tax demand reduces the company's contingent liabilities and is a relief, though the stock price impact may be limited as the amount is relatively small compared to the company's overall size.