Disclosure under Regulation 30- Part A Para B.8 Schedule III of SEBI (LODR)
NEAGI · price
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Neelamalai Agro Industries has received an assessment order from the Income Tax Department under Section 143(3) of the Income Tax Act, 1961, dated February 23, 2026. The order disallows the tax exemption claimed on the sale of agricultural land worth Rs. 17.70 crores, pertaining to Assessment Year 2024-25 (FY 2023-24). The expected financial implication is Rs. 4.97 crores, excluding any applicable interest and penalty. The company has stated it will file an appeal with the appropriate income tax authority within the prescribed timelines, in consultation with its tax advisors.
An additional tax outflow of around Rs. 4.97 crores is possible if the appeal is unsuccessful, which would dent near-term earnings. The company is contesting the order, so the actual impact is uncertain until the appeal is decided. Shareholders should watch for updates on the appeal outcome.