Priority Jewels Wins Tax Appeal, ₹3.54 Cr Demand Reduced

Priority Jewels Limited has received a favorable Appellate Order from the Commissioner of Income Tax (Appeals), NFAC, Delhi, under Section 250 of the Income Tax Act, 1961. The appeal filed by the company against the assessment order for Assessment Year 2011-2012 has been allowed. The Commissioner has deleted the additions and disallowances made by the Assessing Officer and directed the dropping of penalty proceedings. This order will result in a reduction of the tax demand by ₹3.54 Crores, and the company may be eligible for a refund of the proportionate tax paid along with applicable interest.