Polycab India Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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Polycab India has informed stock exchanges about receiving orders from the Commissioner of Income Tax (Appeals), Mumbai, covering Assessment Years 2014-15 to 2023-24 (financial years 2013-14 to 2022-23). These orders were passed on appeals the company filed against earlier assessments where the Assessing Officer had raised certain additions and disallowances. CIT(A) has accepted the majority of the grounds raised by the company in its appeal. The company will now approach the Assessing Officer to give effect to the appellate order, which is expected to substantially reduce the income tax demand from the earlier disputed assessments.
This is a positive development for shareholders as it likely means a significant reduction in the company's pending income tax liability. However, the benefit is not yet finalized — the Assessing Officer still needs to formally implement the CIT(A) directions, so the cash flow impact will follow in subsequent periods.