Legal31 Mar 2026, 03:29 pm
Garware Hi-Tech Films Ltd. Disputes Rs. 18.37 Crore Income Tax Demand for AY 2020-21
AI Summary
Garware Hi-Tech Films Ltd. has received a notice of demand under section 156 of the Income Tax Act, 1961, pertaining to Assessment Year 2020-21, raising a demand of Rs. 18.37 crores. The company believes it has strong merits to oppose this order, citing reasons such as not being given prior notice and the opportunity of being heard, as well as the credit of Minimum Alternate tax not being taken into account. The company intends to file a rectification application.
Key Highlights
- Garware Hi-Tech Films Ltd. received a notice of demand from the Income Tax Department for Rs. 18.37 crores.
- The demand is for Assessment Year 2020-21, but the company received the notice through email on 30th March 2026.
- The company believes it has strong merits to oppose the order due to various discrepancies in the process and computation.
- Garware Hi-Tech Films Ltd. intends to file a rectification application to contest the order.
- The company claims the financial implications of the order are not material as they believe the claims are not maintainable.