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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Tirupati Sarjan Ltd received four Income Tax demand notices under Section 156 of the Income Tax Act, 1961 from the Assistant Commissioner of Income Tax, Gandhinagar Circle. The demands are for Assessment Years 2016-17 (Rs. 4.70 crore), 2017-18 (Rs. 5.86 crore), 2018-19 (Rs. 6.56 crore), and 2020-21 (Rs. 1.00 crore), totaling approximately Rs. 18.12 crore. The notices relate to unexplained expenditure under Section 69C and cash credit under Section 68 of the Income Tax Act. BSE flagged a discrepancy noting the company disclosed the material event after 24 hours. The company explains the delay occurred because the email inbox was monitored by multiple employees, escaped the accounts manager's attention, and the team was occupied with financial year-end closing activities, with weekends and Mahavir Jayanti holiday in between. The company states it will appeal the notices before the appellate authority.
The company faces combined tax demands of around Rs. 18 crore across four assessment years, which is material for a small-cap company. Shareholders should monitor the appeal outcome as it could significantly impact the company's financials if the demands are upheld.