P N Gadgil Jewellers Limited has informed the Exchange about Action(s) initiated or orders passed
PNGJL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
P N Gadgil Jewellers Limited has received income tax assessment orders from the Deputy Commissioner of Income Tax, Pune for three assessment years. The total tax demand raised is about Rs. 6.55 crore — Rs. 2.26 crore (AY 2021-22), Rs. 2.29 crore (AY 2022-23) and Rs. 2.00 crore (AY 2023-24). The disputes mainly relate to disallowance of royalty expense deductions and certain additions under Sections 37, 40(a) and 69A of the Income Tax Act. The company says it believes the demands are not legally sustainable and is in the process of filing appeals before the appropriate appellate authority.
The company states there is no expected material financial impact as it intends to contest the orders. Investors should monitor the appeal outcome, since an adverse ruling could result in an outgo of up to Rs. 6.55 crore plus interest, though the amounts are not large relative to the business.