The Company is in receipt of order dt.09.04.2024 from Hon''ble High Court of Karnataka where writ petition filed by Company is allowed setting aside the assessment order for reconsideration ....
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Triton Valves had received an income tax demand notice of ₹9.32 crore for Assessment Year 2022-23 (Previous Year 2021-22) along with an assessment order and a show cause notice for penalty proceedings. The company filed a writ petition (WP No. 10219 of 2025) before the Karnataka High Court challenging the demand. In its order dated 09 April 2025, the High Court has allowed the petition and set aside the assessment order, directing the Income Tax Department to reconsider the matter afresh with one more opportunity of hearing to the company. As a result, the current demand of ₹9.32 crore stands nullified, though the reassessment process itself remains pending.
This is a positive development for shareholders as the immediate ₹9.32 crore tax liability has been set aside by the court, reducing near-term financial pressure. However, the matter is not fully closed — the tax department will re-examine the case, so some uncertainty around the final outcome remains.