Legal27 Mar 2026, 02:14 pm
Aeroflex Industries Ltd. Receives Order from Income Tax Department Under Section 41 of Income Tax Act, 1961
AI Summary
Aeroflex Industries Ltd. has received an Order from the Office of the Assessment Unit, Income Tax Department, raising a demand of INR 41,75,88,940. The issue pertains to the disallowance of the claim of waiver of interest on working capital Loan in onetime settlement as non-taxable under section 41 of the Income tax Act,1961, for the assessment year 2018-2019. The Company intends to file an appeal before the Appellate Authority and is hopeful of a favorable outcome. The disclosure could not be made within the stipulated 24-hour timeline due to the Ashtami and Ram Navami festival.
Key Highlights
- Aeroflex Industries Ltd. has received an Order from the Income Tax Department under Section 41 of the Income Tax Act, 1961.
- The Order raises a demand of INR 41,75,88,940 for the assessment year 2018-2019.
- The issue pertains to the disallowance of the claim of waiver of interest on working capital Loan in onetime settlement as non-taxable under Section 41 of the Income tax Act,1961.
- The Company intends to file an appeal before the Appellate Authority.
- The disclosure could not be made within the stipulated 24-hour timeline due to the Ashtami and Ram Navami festival.