CIT Appeals rules in favour of Websol Energy on Rs 73 Cr tax demand
WEBELSOLAR · price
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Websol Energy System Limited has won its income tax appeal before the Commissioner of Income Tax (Appeals), Kolkata for AY 2017-18. The original Assessing Officer had raised additions of Rs 184.99 Crores under section 115JB and Rs 1.51 Crores of disallowed expenses, creating a tax demand of Rs 73.04 Crores. With the CIT Appeals ruling in favour of the company, this demand will no longer be payable.
Positive outcome - removes a Rs 73.04 Crore contingent liability and strengthens the company's financial position.