Income tax appeal dismissed; Rs 72.67 lakh demand upheld

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Nifty Microcap 250market · in no size index; the smallest one is used-1.3%+1.3% vs market

Logistics Solution Provider peers, median of 46sector-1.0%+1.0% vs sector

On the reaction day the stock moved 1.3 pts more than Nifty Microcap 250 and 1.0 pts more than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Logistics Solution Provider peers, median of 46Pending

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AI summary

Company's appeal before the National Faceless Appeal Centre (NFAC) against the income tax assessment for AY 2024-25 has been dismissed. The appellate order upheld additions of Rs 23.87 lakh (gratuity disallowance) and Rs 2.21 crore (depreciation on intangible assets). The tax demand of Rs 72.67 lakh stands. Penalty proceedings under Section 270A(9) were initiated but held premature and not adjudicated.

Likely market impact

Negative — company must pay Rs 72.67 lakh tax demand with interest; penalty proceedings remain open and could add further liability.