Uniparts India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
UNIPARTS · price
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Awaiting price reaction for this filing.
Uniparts India has received an income tax assessment order for AY 2024-25 along with a demand notice of approximately ₹25.80 crore (including interest). The demand arose because the assessing officer did not allow a Section 80M deduction of about ₹83.28 crore claimed by the company. The company believes the claim is not maintainable against it and expects no material financial impact. It plans to file a rectification petition and an appeal against the order. Separately, penalty proceedings under Section 270A have been initiated for alleged under-reporting of income.
The tax demand is sizeable but the management believes it is without merit and will be reversed on appeal, so near-term financial impact is expected to be limited. Investors should monitor the appeal outcome, as an unfavourable ruling could affect earnings.