Income Tax Dept appeals to Bombay HC against ITAT order favoring Sapphire Foods

SAPPHIRE · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

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+4.6%1-day move

₹166.30

prior close

₹166.50

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AI summary

Sapphire Foods informed the exchange that the Income Tax (TDS) Department has filed an appeal before the Bombay High Court challenging the ITAT's favorable order (Nov 7, 2025) for AY 2016-17 and AY 2018-19 to AY 2023-24. The ITAT had ruled the company cannot be treated as an 'assessee in default' under Section 201(1) where underlying tax was subsequently deducted and deposited. Following the ITAT ruling, the tax demand was reduced from INR 170.41 million to just INR 2.51 million (interest under Section 201(1A)).

Likely market impact

Favorable ITAT ruling now under challenge; demand already cut from INR 170.41M to INR 2.51M. Ongoing appeal creates uncertainty over final outcome.