We would like to inform that Commissioner of Income Tax Appeal-44 has passed an order in favor of the Company by deleting the demand raised by the Assessing Authority for Assessment Year 2010-11.
NIITLTD · price
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NIIT Limited has received a positive order from the Commissioner of Income Tax (Appeals)-44 in its favor for Assessment Year 2010-11. The appellate authority has deleted the tax demand that was originally raised by the Assessing Authority against the company. This means the company will not have to pay the disputed tax amount for that particular year. While the exact monetary value of the deleted demand was not disclosed, the ruling removes a long-pending tax liability concern.
Positive for shareholders as it removes a potential tax liability from the company's books and reduces uncertainty. May lead to a tax refund or reversal of any provisions previously made, which could provide a modest boost to earnings.