Garware Hi-Tech Films Limited Receives Income Tax Demand Notice
Garware Hi-Tech Films Limited announced today, March 31, 2026, that it received a communication from the Income Tax Department. The company received an order under Section 154 along with a notice of demand for ₹18.37 crore under Section 156 of the Income-Tax Act, 1961.The notice pertains to the Assessment Year 2020-21. According to the company, it believes it has strong grounds to oppose the order and intends to file a rectification application. The company noted that the order was issued without prior notice and without providing an opportunity to be heard (Principle of Natural Justice). Furthermore, the credit of Minimum Alternate Tax of ₹15.12 crore was not taken into account, and an addition of ₹1.41 crore is considered erroneous.
The communication was received on March 30, 2026, at 3:29 p.m.
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