Goa Carbon Ltd Receives Order & Demand Notice from Income Tax Department for Rs. 73.71 Crores

Goa Carbon Limited has informed the Exchange about the Order and Demand Notice received from the Income Tax Department on 19th March 2025. The Order, issued under Section 143(3) read with Section 144B of the Income-tax Act, 1961, alleges an unsecured loan of Rs. 74,00,00,000 from the Company's promoter to be unexplained credit under Section 68 of the Income-tax Act, 1961. The Demand Notice, issued under Section 156 of the Income-tax Act, 1961, seeks to recover an amount of Rs. 73,70,76,740. The Company is confident of its legal stand and is evaluating all legal remedies. The Order and Demand Notice do not adversely affect the Company's financials, going concern ability, or other activities.