Welspun Enterprises Subsidiary Receives Income Tax Demand Notice for FY 2023-24

Welspun Enterprises Ltd. has informed that its subsidiary, Welspun Aunta-Simaria Project Private Limited, received a Notice of Demand under Section 156 of the Income Tax Act, 1961, pursuant to an Assessment Order passed by the Assessment Unit, National Faceless Assessment Centre, Income-tax Department. The demand pertains to the FY 2023-24 (AY: 2024-25) and is based on the Income-tax Assessment Order received upon conclusion of the Scrutiny assessment proceedings under Section 143(3) r.w.s 144B for the AY 2024-25. The Company believes that the accounting treatment adopted is appropriate and in compliance with the applicable framework for Hybrid Annuity Model (HAM) projects. The Company is taking appropriate steps to file an appeal before the Commissioner of Income-tax (Appeals) Tribunal against the Order issued by AO and does not foresee any material impact on financial, operational or other activities of the Company.