Receipt of Demand Notice from IT Department for AY 2024-25
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Piotex Industries has received a demand notice of Rs. 5.06 crore from the Income Tax Department for Assessment Year 2024-25, received on December 02, 2025. The demand arose from an addition of Rs. 34.86 lakh under Section 41(1) and a disallowance of Rs. 16.23 crore under Section 43B(h) related to alleged delays in payments to MSME creditors. The company claims the demand is factually incorrect and not legally tenable, and plans to file a rectification application and appeal before the appellate authority.
The company states there is no material impact on financials or operations as it intends to contest the demand. However, the Rs. 5.06 crore amount is significant relative to small-cap companies, and the final outcome of the appeal process remains uncertain for shareholders.