TTK Healthcare Limited has informed the Exchange about Action(s) taken or orders passed
TTKHLTCARE · price
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Awaiting price reaction for this filing.
TTK Healthcare has received orders from the Income Tax Officer, Corporate Ward 3(1), Chennai, withdrawing interest previously granted under Section 244A of the IT Act. For AY 2016-17, interest of Rs. 1.26 crore is being withdrawn and replaced with Rs. 13.27 lakh charged under Section 234D, totalling Rs. 1.40 crore. For AY 2017-18, Rs. 87.62 lakh of interest under Section 244A is being withdrawn. The total financial implication is around Rs. 2.27 crore. The company has stated it will file appeals before the appropriate authorities and is confident of getting relief.
Short-term impact is limited as the total amount (~Rs. 2.27 crore) is relatively small for the company and the management is confident of winning the appeal. Shareholders should monitor the appeal outcome, but this is unlikely to materially affect the stock price.