Legal30 Mar 2026, 01:41 pm
Ambika Cotton Mills Faces Rs 4524490 Demand from Income Tax Department for AY 2024-25
AI Summary
Ambika Cotton Mills Ltd has received an intimation from the Assessment Unit, Income Tax Department, raising a demand of Rs 4524490 for the Assessment Year 2024-25. The demand is due to the disallowance of an expenditure of Rs 1,75,93,707, classified as royalty or technical fees and other miscellaneous disallowances of Rs 383474. The company believes the addition is contrary to the decision of the Jurisdictional High Court and will file an appeal before the CIT (Appeals) within the stipulated time.
Key Highlights
- Ambika Cotton Mills Ltd received a demand of Rs 4524490 from the Income Tax Department.
- The demand is due to the disallowance of an expenditure of Rs 1,75,93,707 classified as royalty or technical fees and other miscellaneous disallowances of Rs 383474.
- The company plans to file an appeal before the CIT (Appeals) against the decision.
- The dispute is related to the interpretation of laws.
- There is no material impact on the financial, operation, or other activities of the company.
Price Impact
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