Aeroflex Enterprises Ltd. Subsidiary Faces Rs. 41.76 Crore Demand from Income Tax Department

Aeroflex Enterprises Ltd. has disclosed an order from the Income Tax Department against its subsidiary, Aeroflex Industries Limited. The order, passed under section 61 of the Income Tax Act, 1961, has raised a demand of Rs. 41,75,88,940/- for the assessment year 2018-2019. The dispute pertains to the disallowance of the claim of waiver of interest on a working capital loan in an one-time settlement as non-taxable under section 41 of the Income Tax Act, 1961. Aeroflex Industries Limited intends to file an appeal before the Appellate Authority within the prescribed time limit and hopes for a favorable outcome. The disclosure could not be made within the stipulated 24-hour timeline due to the Ashtami and Ram Navami festival.