Mukka Proteins receives appellate order on tax dispute

Mukka Proteins Ltd has received an appellate order from the Commissioner of Income Tax (Appeals)-2, Panaji, concerning its appeal against an assessment order for AY 2018-19. The company was assessed with additions for alleged excess stock (₹11,14,72,010) and prior period income (₹4,48,21,141). The appellate order partly allowed the appeal, deleting the prior period income addition and ₹3,60,16,402 of the excess stock addition. However, ₹7,54,55,608 of the excess stock addition has been sustained. The company is evaluating the order and considering legal remedies, particularly regarding the taxation of the sustained amount at a special rate of 78% versus the normal rate of 34.944% already paid.