Tax & Penalty14 May 2026, 07:51 pm
Allcargo Terminals: Income Tax Demand of ₹53.04 Cr
AI Summary
Allcargo Terminals Ltd and its subsidiary, Speedy Multimodes Limited, received an assessment order from the Income Tax Department for the block period from April 1, 2018, to April 5, 2025, resulting in a total tax demand of ₹53,03,89,321. Allcargo Terminals' share is ₹49,34,89,246, while Speedy Multimodes' is ₹3,69,00,075. The company is pursuing legal remedies, particularly regarding a deduction disallowance under Section 80IA of the Income-tax Act, 1961, for Assessment Years 2023-24 to 2025-26, and believes the matter will not impact operations or financial position.
Key Highlights
- Allcargo Terminals receives income tax demand of ₹49.35 Cr.
- Subsidiary Speedy Multimodes faces income tax demand of ₹3.69 Cr.
- Total tax demand amounts to ₹53.04 Cr for the block period.
- Disallowance of deduction claimed under Section 80IA is a key issue.
- Company is pursuing legal remedies, citing favorable precedents.