Tax appeal win: Income Tax appellate order favorable to Priority Jewels
PRIORITY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Priority Jewels won an income tax appeal for Assessment Year 2011-12. The CIT(A) NFAC Delhi allowed the company's appeal, deleting additions and disallowances made by the Assessing Officer and directing penalty proceedings under Section 271(1)(c) to be dropped. This will reduce the tax demand by Rs. 3.54 Crores, and the company may receive a refund with applicable interest.
Positive outcome. Tax demand reduced by Rs. 3.54 Crores with potential refund plus interest. Favorable for shareholders.