Legal24 Feb 2026, 05:12 pm
Neelamalai Agro Industries Ltd. Receives Income Tax Disallowance Order of Rs. 4.97 Crores for FY 2023-24
AI Summary
Neelamalai Agro Industries Ltd. has received an Assessment Order from the Assessment Unit, Income Tax Department, disallowing certain claims. The order concerns the disallowance of exemption claimed on the sale of agricultural land amounting to Rs. 17.70 crores for the Assessment Year 2024-25 (Financial Year 2023-24). The expected financial implication on the company is Rs. 4.97 crores, excluding applicable interest and penalty. The company, in consultation with its consultants and tax advisors, plans to file an appeal with the appropriate Income Tax authority within the prescribed timelines.
Key Highlights
- Neelamalai Agro Industries Ltd. has received an Assessment Order from the Income Tax Department for disallowance of certain claims.
- The disallowance is related to the exemption claimed on the sale of agricultural land amounting to Rs. 17.70 crores.
- The expected financial implication on the company is Rs. 4.97 crores, excluding applicable interest and penalty.
- The company plans to file an appeal with the appropriate Income Tax authority within the prescribed timelines.