Favorable IT appellate order, Rs 3.54 Cr tax demand reduced
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Priority Jewels won an Income Tax appellate order for Assessment Year 2011-2012. CIT(A) NFAC Delhi allowed the company's appeal, deleting all additions and disallowances made by the Assessing Officer. Penalty proceedings under Section 271(1)(c) were also directed to be dropped. This reduces the tax demand by Rs. 3.54 Crores and makes the company eligible for a refund of tax already paid, along with applicable interest.
Positive: Rs 3.54 Cr tax demand reduced, refund of tax paid with interest expected. Mildly favorable for shareholders.