Tega Industries Subsidiary Receives Assessment Order from Income Tax Authority

Tega McNally Minerals Limited (TMML), a wholly owned material subsidiary of Tega Industries Ltd, has received an Assessment Order from the Assistant Commissioner of Income Tax, Circle 1(1), Kolkata. The Order, issued under Section 143(3) read with Section 147 of the Income-tax Act, 1961, pertains to the period April 2017 to March 2018, prior to TMML's acquisition by Tega Industries Limited. The total tax demand, including interest, amounts to ₹1,21,14,12,580/-. However, TMML's acquisition took place post this period, and hence, there is no material impact on TMML or the Company's financials, operations, or other activities. TMML is taking appropriate steps to appeal against the order.