Baroda Rayon Corporation Wins Income Tax Tribunal Appeals

Baroda Rayon Corporation Ltd has announced a significant legal victory. The Income Tax Appellate Tribunal, Mumbai Bench, has allowed both the quantum appeal and the penalty appeal filed by the Company for Assessment Year 2014-15. The Tribunal directed the deletion of an addition of ₹12,15,00,000/- made under Section 68 of the Income-tax Act, 1961, and consequently, the penalty of ₹4,12,97,850/- levied under Section 271(1)(c) of the Act has also been deleted. This outcome is favorable to the company, resolving pending tax litigation.