Tax & Penalty15 May 2026, 05:41 pm
BLB Ltd Receives ₹197.48 Lacs Income Tax Intimation
AI Summary
BLB Ltd received an intimation order dated May 15, 2026, from the Income Tax Department regarding adjustments to the company's returned income for the assessment year 2025-26. The Income Tax Department inadvertently added income amounting to ₹197.48 Lacs twice under the head “Schedule BP - Business and Profession”, resulting in an incorrect enhancement of taxable income and consequential tax demand. The company plans to file a rectification application under Section 154 of the Income Tax Act, 1961.
Key Highlights
- BLB Ltd received an Intimation Order from the Income Tax Department on May 15, 2026.
- The order pertains to Assessment Year 2025-26 and involves income adjustments of ₹197.48 Lacs.
- The company believes the adjustment is a mistake and will file for rectification.
- There is no material impact on the company's financials or operations.
- The intimation order was received under Section 143(1) of the Income Tax Act, 1961.
Price Impact
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