Tax & Penalty22 Sept 2026, 06:12 pm
Vikran Engg Wins ITAT Appeal, ₹3.96 Cr Demand & ₹6.79 Cr Addition Dropped
AI Summary
Vikran Engineering Ltd. announced that the Income Tax Appellate Tribunal (ITAT), "F" Bench, Mumbai, ruled in its favor for Assessment Year 2016-17. The order, dated September 15, 2026, accepted the company's submissions regarding the genuineness of loan transactions and the identity and creditworthiness of lenders under Section 68 of the Income Tax Act, 1961. As a result, the ITAT dropped the entire demand of ₹3,96,75,696/- and an addition of ₹6,79,64,220/-. These amounts were previously added by the Assessing Officer following a search action. The company anticipates no material financial or operational impact, and a contingent liability of ₹3,96,75,696/- will be extinguished.
Key Highlights
- ITAT ruled in favor of Vikran Engineering for AY 2016-17.
- Tribunal dropped demand of ₹3.96 Cr and addition of ₹6.79 Cr.
- Ruling confirms genuineness of company's loan transactions.
- Contingent liability of ₹3.96 Cr will be extinguished.
- No material financial or operational impact expected.
Price Impact
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