Vikran Engineering wins ITAT appeal for AY 2016-17; tax demand dropped
VIKRAN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Vikran Engineering won an appeal at the Income Tax Appellate Tribunal F Bench Mumbai for Assessment Year 2016-17. The tribunal ruled in the company favor, fully dropping a tax demand of about 3.97 crore and an addition of about 6.80 crore related to unsecured loans treated as unexplained cash credit under Section 68. The contingent liability of about 3.97 crore now stands extinguished. Company says no material impact on operations or finances.
Positive; about 3.97 crore contingent liability cleared, ruling removes the tax overhang for shareholders.