Income tax appeal partly allowed by CIT(A), Chennai

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REFEX · price

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Price reactionminutes from the announcement price · days from the prior close

-1.5%Reaction day

₹264.00

prior close

₹262.90

announcement price

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Nifty Microcap 250market-1.6%+0.2% vs market

Waste Management peers, median of 7sector-1.4%-0.1% vs sector

On the reaction day the stock moved 0.2 pts more than Nifty Microcap 250 and 0.1 pts less than its Waste Management peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

CIT(A), Chennai partly allowed Refex Industries' appeal against the AY 2014-15 income tax reassessment. The original demand of about Rs. 7.51 crore was set aside partially. The order fully deleted the Rs. 36.39 lakh excess depreciation disallowance and remanded the Rs. 17.48 crore long-term capital gains addition to the Assessing Officer for fresh quantification. Validity of reassessment was upheld. Company is evaluating further appeal to ITAT.

Likely market impact

Partly favourable - depreciation addition fully deleted; LTCG addition remanded for fresh review. Final tax liability still uncertain; ITAT appeal under consideration.