Mawana Sugars Limited has informed the Exchange regarding 'Disclosure/Intimation under Regulation 30 of SEBI (LODR) Regulations 2015'.
MAWANASUG · price
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Mawana Sugars Limited has received a notice of demand of Rs. 9,54,53,137 (about Rs. 9.54 crore) from the Assistant Commissioner of Income Tax, Delhi, under Section 156 of the Income Tax Act, 1961, for Assessment Year 2006-07. The tax department is asking the company to pay this amount within 30 days. The company states that the demand is factually incorrect and stems from a confusion after the merger of Mawana Sugars Limited and Siel Limited — Siel Limited had already paid its tax of Rs. 2.91 crore for that year, and a refund of Rs. 6.48 crore was wrongly reflected as a payable amount against the merged entity's PAN. The company says there is no expected financial impact and plans to file an appeal with the National Faceless Appeal Centre or seek rectification under Section 154 of the Income Tax Act.
The company maintains that no financial liability will arise as the demand is based on an error by the tax department, and it will appeal. However, until the appeal is resolved, an unresolved tax demand of this size could create short-term uncertainty for shareholders.