Announced Tue, 16 Jun · 18:40 IST
Income tax demand of ₹8.63 cr reduced to nil by rectification order
Regulatory & Legal View source PDF
UFBL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
+6.0%1-day move
₹590.50
prior close
₹596.95
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+0.7+2.2+1.7+1.8+6.0+8.9+14.5+17.4+23.3+11.2+23.1+18.9——
Up moveDown movePending
AI summary
United Foodbrands received a Rectification Order from the Deputy Commissioner of Income Tax, Bengaluru for AY 2023-24. The income tax demand of ₹8.63 crores (including interest) has been reduced to nil, and the company is no longer liable to pay any tax or interest. However, the company is filing an appeal against a ₹2.78 crore addition arising from a transfer pricing adjustment under Section 92CA(3). No penalty or restriction was imposed.
Likely market impact
Positive: ₹8.63 cr tax demand fully cancelled, though ₹2.78 cr transfer pricing addition still under appeal.