Income tax appeal order confirms demand of about Rs 1.03 crore for AY 2016-17
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On the reaction day the stock moved 1.2 pts less than Nifty Microcap 250 and 1.7 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Commissioner of Income-tax (Appeals) has confirmed a tax demand of Rs 1,02,99,743 (including interest and penalty) for Assessment Year 2016-17, originally raised by the Assessing Officer in December 2018. The company says this order has no material impact on its financials, operations or other activities and is evaluating filing a further appeal before the Income Tax Appellate Tribunal.
Minor adverse tax order at CIT(A); company plans further appeal to ITAT. Management says no material financial impact.