CG Power receives fresh tax order, additional 21.43 Cr disallowance
CG Power and Industrial Solutions Ltd has received a fresh revisionary assessment order under Section 143(3) r.w.s. 263 of the Income Tax Act, 1961, for Assessment Year 2022-23. This new order includes an additional disallowance of 21,43,17,440/- related to the set-off of unabsorbed depreciation loss. Previously, the company had received an original assessment order on February 28, 2024, with a tax demand of 188,78,91,580/-, against which it had deposited 4,89,38,029/- and obtained a stay on the balance demand, currently under appeal before the CIT(A). The company is evaluating the fresh order and intends to take appropriate legal steps, including filing an appeal, believing it has a strong chance of success. The total quantum of claims for AY 2022-23 is now 236,73,81,955.
Key Highlights
- CG Power received a fresh tax assessment order for AY 2022-23.
- Order includes additional disallowance of 21.43 Cr for depreciation loss.
- Total tax demand for AY 2022-23 now stands at 236.74 Cr.
- Company plans to appeal the order, expecting a favorable outcome.
- Original demand of 188.79 Cr was already under appeal with a partial stay.