Mukka Proteins gets partial relief in income tax appeal for AY 2018-19

Mukka Proteins received a partly favourable Income Tax appellate order for Assessment Year 2018-19. Originally, the tax officer had added about Rs 11.15 crore for alleged excess stock and Rs 4.48 crore for prior period income. The CIT Appeals deleted the prior period addition fully and about Rs 3.60 crore of the stock addition, granting relief of around Rs 8 crore. However, an addition of Rs 7.55 crore for excess stock was sustained. The dispute centres on a higher special tax rate of 78 percent versus the normal 34.94 percent rate the company has already paid. The company is evaluating further legal options.