Vishnu Prakash R Punglia Limited has informed the Exchange about update under Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Vishnu Prakash R Punglia Limited has received an order from the Office of the Assistant Commissioner of Income Tax under sub-section (3) of Section 148A of the Income Tax Act, 1961, directing reopening of the income tax assessment for Assessment Year 2019-20. This follows a prior show cause notice received by the company (disclosed on April 23, 2025), to which the company responded with supporting documents. The tax authority's allegation is that income chargeable to tax has escaped assessment for AY 2019-20. The order was received on June 26, 2025, and the company filed this disclosure on July 9, 2025, citing a delay due to internal evaluation and advisor consultation.
No financial implication is stated at this stage, and no penalty or restriction has been imposed. The company is contesting the order, expects a favourable outcome, and plans to submit a reply within the prescribed time. Shareholders should monitor for further updates, as a tax reassessment could potentially lead to additional tax liability if the appeal is unsuccessful, though the company is confident of a positive resolution.