Gillanders Arbuthnot Receives Notice of Demand from Income Tax Department for ₹ 1,24,85,560

Gillanders Arbuthnot & Company Ltd has received a notice of demand dated 27th March, 2026, by the Assessment Unit, Income Tax Department, under section 156 of the Income Tax Act, 1961 for a sum of ₹ 1,24,85,560/- for the assessment year 2017-18. The Company stated that there is no material impact on the financials, operations or other activities of the Company, except for the aforementioned amount which may become payable to the Authority in the event the Company’s submissions are not accepted. The Company is currently evaluating the matter and shall submit an appropriate response, including filing a reply or an appeal before relevant authority and within the prescribed timeline. The Company believes that the demand is not tenable and does not expect any material financial outflow on this account.