Kaveri Seed Company's Appeal Against Income Tax Demand Decided in Favor, Saving Rs. 73 Crores

Kaveri Seed Company Ltd. has received a favorable decision from the Income Tax Department, setting aside a demand of Rs. 73,25,39,490. The demand was primarily on account of disallowance of exemption claimed on agricultural income for the Assessment Year 2020-21. The Hon'ble Appellate Authority has now allowed the Company's claim, treating the said income as agricultural income. This decision comes after the Company's intention to pursue appropriate legal remedies, as previously disclosed on October 1, 2022.