Goa Carbon Limited Withdraws Writ Petition After Tax Authority Issues Rectification Order
Goa Carbon Limited has withdrawn a Writ Petition after the Deputy Commissioner of Income Tax, Circle-1(1), Panaji, issued a rectification order regarding the company's tax dispute. The resolution allows the company to claim a refund amounting to Rs. 61,60,980/-.The company had initiated legal action concerning an Order dated 18.07.2011, which was challenged after it failed to give due effect to binding directions set forth in the order dated 18.03.2011 by the Income Tax Appellate Tribunal, Panaji Bench. The original rectification application under Section 154 of the Income-tax Act, 1961, had been filed by Goa Carbon Limited on 29.05.2012.
The company argued that the order dated 18.07.2011 contained an erroneous levy and recovery of interest under Section 234D of the Income-tax Act, 1961. Following subsequent follow up representations filed on 25.05.2019 and 25.07.2025, Goa Carbon Limited was compelled to file Writ Petition No. 446 of 2026 before the Bombay High Court, Goa Bench due to the lack of resolution on its rectification application.
The litigation reached a conclusion on 13.07.2026 when the learned senior standing counsel representing the Revenue placed the Rectification Order dated 06.07.2026 on record during the hearing before the Bombay High Court, Goa Bench. As a result of this order, the company is due a refund of Rs. 61,60,980/-.
Given that all reliefs sought in the Writ Petition were addressed by the passing of the Rectification Order dated 06.07.2026, Goa Carbon Limited subsequently withdrew Writ Petition No. 446 of 2026. The company confirmed it is currently engaging in the necessary formalities to secure the refund amount.
GOACARBON Stock Price Movement
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