The Assistant Commissioner of Income Tax, Mumbai has stayed Income Tax Department regarding the demand order in respect of the Assessment Year 2022-23 for an amount of ₹ 188,78,91,580/-.
The appellate tribunal has directed CG Power and Industrial Solutions to deposit ₹ 4,89,38,029/- and the balance demand stayed till disposal of its appeal before the Commissioner of Income Tax (Appeals).
The Company received an Income Tax Assessment Order for the Assessment Year 2022-23 on 27th February 2024 wherein a demand of ₹ 188,78,91,580/- was raised.
Being aggrieved by the said assessment order, the Company filed an appeal before the Commissioner of Income Tax (Appeals), NFAC, on March 26, 2024, challenging the additions/disallowances made in the said demand.
The Company moved an application for stay of demand before the Assessing Officer on May 2, 2024.
The Disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
