We hereby submit the Press Release for various notices received by the Company from the Income TAx Department. Requesting to kindly take the same on your records.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Shanti Spintex Limited has successfully closed Income Tax assessments for five assessment years: 2017-18, 2018-19, 2020-21, 2021-22, and 2023-24. The Income Tax Department confirmed a NIL demand for all these years, except AY 2021-22. For AY 2021-22, only Rs. 25,800 was added to taxable income as unexplained expenditure under Section 69C, which the company says has no material financial impact. Across the assessed years, declared income matched assessed income in most cases (ranging from nil to Rs. 93.68 crore). All five cases are now closed with no further tax obligations.
This is a positive cleanup for the company as it removes long-pending tax uncertainty and confirms no significant liability, which should be reassuring for shareholders. With all tax matters closed, the company can now direct full attention toward its growth plans without overhang from pending assessments.