Intimation under Reg. 30 - Disclosure of Material Event
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Awaiting price reaction for this filing.
Panchmahal Steel has informed the stock exchange that the Income Tax Department issued orders on 3rd December 2025 giving effect to the earlier ruling of the Commissioner of Income Tax (Appeals), NFAC, New Delhi dated 23rd July 2025. As a result, the income tax demand of Rs. 12.20 crores (Rs. 12,19,58,134) raised against the company for Assessment Years 2010-11 and 2011-12 has been fully deleted, leaving NIL demand. The original dispute related to the disallowance of purchases and tax elements claimed by the department, which was being contested at the High Court (Ahmedabad), CIT (Appeals), and ITAT (Ahmedabad). This follows up on the company's earlier disclosure of 23rd August 2023 about its pending material litigations.
Positive for shareholders — a Rs. 12.20 crore contingent tax liability stands fully removed, strengthening the company's balance sheet, eliminating a long-pending uncertainty, and likely to be viewed favorably by the market.