Tax & Penalty27 May 2026, 12:11 pm
BLB Ltd: Tax Demand Rectified to Nil for Assessment Year 2025-26
AI Summary
BLB Ltd received a rectification order from the Income Tax Department on May 26, 2026, which rectified the tax demand to Nil for the Assessment Year 2025-26. This follows an earlier intimation where the Income Tax Department had inadvertently added income twice, leading to an incorrect tax demand. The company had filed a rectification application, which has now been accepted, with the returned income accepted by the Income Tax Department.
Key Highlights
- Income Tax Department rectified BLB Ltd's tax demand to Nil for AY 2025-26.
- Rectification order received on May 26, 2026, at 02:30 p.m.
- The initial tax demand was due to an inadvertent addition of income by the Income Tax Department.
- BLB Ltd's application for rectification under Section 154 of the Income Tax Act, 1961 was accepted.
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