Rashtriya Chemicals and Fertilizers Limited has informed the Exchange about General Updates
RCF · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Rashtriya Chemicals and Fertilizers Limited (RCF) has received an Income Tax demand notice totalling Rs. 4,36,49,106 (about Rs. 4.36 crore) from the Income Tax Department. The demand is spread across three assessment years: AY 2020-21 (Rs. 19.11 lakh related to education cess penalty), AY 2021-22 (Rs. 2.14 crore related to disallowed adjustments), and AY 2023-24 (Rs. 2.03 crore related to an erroneous disallowance). The company has already filed rectification and appeal applications before CIT(A) for the earlier years, which are pending hearings. For AY 2023-24, the company is in the process of filing a rectification application. RCF states that it does not anticipate any actual cash outflow as it considers the demands erroneous and expects them to be deleted or rectified by the assessing authority.
The tax demand is relatively small compared to RCF's overall size and is being actively contested by the company through appeals and rectification. Investors should monitor the outcome of pending CIT(A) hearings, but the company's position suggests limited long-term financial impact unless the appeals are decided against it.