Piotex Industries Ltd Receives Demand Notice from IT Department for AY 2024-25

Piotex Industries Ltd has received a demand notice from the Income Tax Department, Ministry of Finance, Government of India, for the Assessment Year 2024-25. The demand order is for a total of Rs. 5,06,11,800, which includes additions under Section 41(1) of the IT Act and disallowance under Section 43B (h) of the IT Act. The company states that the demand is factually incorrect and not tenable in law. They will file a rectification application with the tax authority and appeal before the appellate authority in this matter. The company assures that there will be no material impact on the financials or operations.