Refex: Madras HC Quashes ₹3,567.22 Lakh Income Tax Demand

Refex Industries Ltd announced that the Hon'ble Madras High Court has quashed an income tax demand of ₹3,567.22 lakh for Assessment Year 2016-17. The company had challenged the assessment order, issued by the Deputy Commissioner of Income Tax, on grounds of procedural irregularities, specifically the lack of reasonable opportunity of being heard as mandated by Section 144A of the Income Tax Act, 1961, and the absence of appropriate approval for issuing the notice. The High Court set aside the assessment order, thereby nullifying the significant tax demand.