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SRF Limited reported that the Income Tax Department disposed of its rectification application, reducing the tax demand from Rs. 327.44 crore to Rs. 9.46 crore.
The Income Tax Department reduced SRF Ltd's tax demand from ₹327.44 Crore to ₹9.46 Crore following a rectification application. The company is evaluating further legal recourse.
The Income Tax Department reduced SRF's tax demand from ₹327.44 Crore to ₹9.46 Crore following the company's successful rectification application for a technical error.
SRF Ltd received a favorable order from CESTAT, Delhi, quashing a GST penalty demand of ₹0.37 Crore previously imposed by the Assistant Commissioner, CGST & Cex, Gwalior. The appellate authority ruled that the demand cannot be sustained, effectively allowing the company's appeal.
SRF Limited received an income tax assessment order for AY 2022-23 with a demand of ₹327.44 Crore. The company states the demand arose from a technical error and has filed for rectification and appealed to the ITAT. Management believes the order is not legally sustainable with no immediate financial impact.