Crompton Greaves Consumer Electricals Ltd Receives Income Tax Appeal Order for AY 2022-23 with Potential Impact of ₹ 68,66,59,820/-
Crompton Greaves Consumer Electricals Ltd has received an order from the Commissioner of Income Tax (Appeals), National Faceless Appeals Centre, Delhi, under Section 250 of the Income Tax Act, 1961, confirming the assessment order passed by the Assessment Unit, Income Tax Department for the Assessment Year 2022-23. The order relates to a demand on account of disallowance of provision for warranty and after-sales services, depreciation on intangible assets, and ESOP expenses. The potential impact of the order is quantified to be ₹ 68,66,59,820/- (Tax-₹ 57,12,90,684/- and Interest-₹ 11,53,69,136/-). However, the company expects a favorable order from the appellate authorities and believes there is no material impact on its financials, operations, or other activities.
Key Highlights
- Crompton Greaves Consumer Electricals Ltd received an order from the Commissioner of Income Tax (Appeals) under Section 250 of the Income Tax Act, 1961.
- The order confirms the assessment order passed by the Assessment Unit, Income Tax Department for the Assessment Year 2022-23.
- The demand is on account of disallowance of provision for warranty and after-sales services, depreciation on intangible assets, and ESOP expenses.
- The potential impact of the order is quantified to be ₹ 68,66,59,820/- (Tax-₹ 57,12,90,684/- and Interest-₹ 11,53,69,136/-).
- The company expects a favorable order from the appellate authorities and believes there is no material impact on its financials, operations, or other activities.