Fine Organic receives ₹56.05 Lakh income tax demand for AY 2016-17

Fine Organic Industries Ltd has received an income-tax assessment order for Assessment Year 2016-17 from the Income Tax Department. The order, issued under Section 271(1)(c) of the Income Tax Act, 1961, raises a demand of ₹56,05,773/-. The company has filed an appeal against this order. Fine Organic states that there will be no material impact on its financials, operations, or other activities due to this order. The company also noted a delay in disclosure, attributing it to analyzing the notice's significance and maintainability.