Legal31 March 2026 at 11:37 am
Income Tax Demand of Rs. 58.33 Crore Against Promoter of Sai Silks (Kalamandir) Ltd Dismissed
AI Summary
The Commissioner of Income Tax has allowed all the appeals filed by Mr. Nagakanaka Durga Prasad Chalavadi, Promoter of Sai Silks (Kalamandir) Ltd, against the income tax demand of Rs. 58.33 Crore. The demand has been set aside, with a minor portion of Rs. 50 Lakhs to be discharged by the Promoter from his personal sources. This matter has no impact on the Company's financial position or operations.
Key Highlights
- Income tax demand of Rs. 58.33 Crore against Promoter dismissed
- All appeals filed by Promoter allowed by Commissioner of Income Tax
- Minor portion of Rs. 50 Lakhs to be discharged by Promoter from personal sources
- No impact on the Company's financial position or operations
- Tax proceedings arising from search and seizure operation concluded