OUTCOME ON LITIGATIONS / DISPUTES
Awaiting price reaction for this filing.
The Ramco Cements has provided an update on the outcome of its pending income tax disputes at the Madras High Court. For Assessment Year 1994-95, the tax department's appeal involving a disputed tax value of Rs.0.32 crores was dismissed as the amount fell below the Rs.2 crore threshold prescribed by CBDT Circular No.9 of 2024. For Assessment Year 2003-04, two matters were resolved favourably: an appeal on Rs.0.05 crores was dismissed on the same threshold ground, and a Rs.2.97 crores matter was dismissed as 'not maintainable'. Similar disputes totalling Rs.19.71 crores remain pending before various statutory authorities.
The outcomes are positive for shareholders as the Income Tax Department's appeals against the company have been dismissed, eliminating additional tax liability on these counts. However, Rs.19.71 crores of similar disputes remain pending, so investors should monitor further updates on these matters.