Kaveri Seed Company's Appeal Against Income Tax Demand Allowed, Saving Rs.69 Crores

Kaveri Seed Company Ltd has received an order from the Income Tax Department, allowing its appeal against a demand for Rs.69,58,75,410 for the Assessment Year 2023-24. The demand was primarily on account of disallowance of exemption claimed on agricultural income. The Hon'ble Appellate Authority has now allowed the Company's claim, treating the said income as agricultural income, thereby setting aside the aforesaid demand. This order will have no adverse financial impact on the Company.