Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Order of Hon ble Madras High Court Quashing Income Tax Demand of ₹3,567.22 lakh for AY 2016 17.
REFEX · price
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Refex Industries Limited has received a favorable order from the Madras High Court that has set aside an income tax demand of ₹3,567.22 lakh (approximately ₹35.67 crore) for Assessment Year 2016-17. The company had challenged the assessment order dated May 31, 2023, arguing that it was passed without providing reasonable opportunity of being heard as mandated under Section 144A of the Income Tax Act, 1961, and without obtaining appropriate approval for issuing the notice. The High Court agreed with the company's submissions and nullified the entire tax demand.
This is a significant positive development for shareholders as the company has successfully overturned a ₹35.67 crore tax liability, improving its financial position and removing a contingent liability from its books.