Order received by Rane Steering Systems Private Limited, wholly owned material subsidiary company
RANEHOLDIN · price
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Rane Holdings' wholly owned subsidiary RSSL has obtained a stay order from the Hon'ble High Court of Madras in connection with a Writ Petition filed under Article 226 of the Constitution. The stay sets aside an earlier order passed by the Assessment Unit of Income Tax Department and remands the case back to the AU to pass a fresh order after considering a Denovo order from the Commissioner of Income Tax (Appeals). This relates to Assessment Year 2015-16 (Financial Year 2014-15). RSSL had earlier received a penalty order of Rs. 3.63 Crores on March 11, 2026, levied under Section 271(1)(c) of the Income Tax Act, 1961, which was communicated to the stock exchange on March 12, 2026. The company states the expected financial implications are Nil, and RSSL will file a suitable reply with supporting documents before the Denovo order is issued.
The stay order is a positive development as it vacates the Rs. 3.63 crore penalty order and sends the case back for fresh consideration, reducing the financial risk to RSSL. However, the matter remains pending and the final outcome is still uncertain.