Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Update on Ongoing Litigation.
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Swastika Investmart has received a positive update on its FY 2013-14 income tax litigation. Originally, the Assessing Officer had raised a tax demand of Rs. 177.03 lakhs based on an error of adding back a refund that the Income Tax department had already refunded to the company. The company had appealed this to the Commissioner of Income-Tax (Appeals). On April 28, 2025, the Assessing Officer issued a rectification order under Section 154 read with Section 147 of the Income Tax Act, fully revising the tax demand to Nil. The company has clarified that this matter has no impact on its operations or financials.
Positive for shareholders — the entire Rs. 177.03 lakhs tax demand has been quashed, removing a lingering liability. This removes an old overhang and should be viewed as a favorable cleanup of legacy tax issues.