Tax & Penalty1 May 2026, 12:34 pm
Bansal Wire: Delhi HC Quashes Income Tax Demand for Subsidiary
AI Summary
Bansal Wire Industries Ltd announced that the Hon'ble High Court of Delhi has quashed the income tax demands for its wholly-owned subsidiary, Bansal Steel & Power Limited. The demands, totaling ₹56.77 million for Assessment Year 2015-16 and ₹21.37 million plus ₹10.69 million interest for Assessment Year 2017-18, were set aside under the 'clean slate theory' pertaining to pre-resolution plan claims. The company states that the order reaffirms its compliance framework and has no financial impact.
Key Highlights
- Delhi High Court quashes income tax demands for Bansal Steel & Power Limited, a wholly-owned subsidiary of Bansal Wire.
- The quashed demands include ₹56.77 million for AY 2015-16 and ₹21.37 million plus ₹10.69 million interest for AY 2017-18.
- The order is based on the 'clean slate theory' related to pre-resolution plan claims.
- Bansal Wire Industries states the order has no financial impact and reaffirms its compliance framework.
Price Impact
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