Disclosure under Regulation 30 of Listing regulations with respect to Tax Assessment and Demand Order
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Rathi Steel and Power has disclosed that it received income tax assessment and demand orders from the Income Tax Department's Assessment Unit (Central Circle 31, New Delhi) covering financial years 2018-19, 2020-21, and 2021-22. The orders, received on March 31, 2025, were issued under Section 147/143(3) and Section 156 of the Income Tax Act due to disallowance of certain expenses. The total tax demand raised is Rs. 7.63 lakh for AY 2021-22, with nil demand for AY 2019-20 and AY 2022-23. The company, after consulting its legal team, believes the demand is not legally tenable and will pursue rectification with the appropriate authority.
The financial impact is minimal at Rs. 7.63 lakh, and the company states there is no material impact on its financial position, operations, or other activities. Shareholders are unlikely to see any meaningful effect on the stock, though the pending rectification process is a minor overhang.