Update on material litigation attached
PARADEEP · price
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The Assistant Commissioner of Income Tax, Circle-1(1), Bhubaneswar has passed a rectification order under Section 154 of the Income-tax Act, 1961, fully quashing the income tax demand of ₹20.61 crore raised for Assessment Year 2020-21. The original demand was raised on February 28, 2025 due to higher adjustment of carry forward loss and MAT credit for earlier years. The Company had filed an appeal before the First Appellate Authority on April 3, 2025, and simultaneously filed a rectification application under Section 154. The rectification order dated May 20, 2026 has resulted in a refund of ₹20.57 crore being granted to the Company. This represents a favorable outcome for the company, fully resolving the disputed tax liability.
Positive impact for shareholders as the company successfully quashed a ₹20.61 crore tax demand and secured a refund of ₹20.57 crore, improving its financial position. This eliminates uncertainty around a significant contingent liability.