Gujarat State Petronet Limited Receives Income Tax Order
Gujarat State Petronet Limited announced it received an Income Tax order under Section 143(3) read with Section 144B of the Income-Tax Act, 1961, dated March 23, 2026. The order pertains to the Assessment Year 2024-25 (Fiscal Year 2023-24) and is order number ITBA/AST/S/143(3)/2025-26/1087736929(1).The Income Tax Department’s Scrutiny Assessment Order accepts the returned income as assessed income without adjustments. However, the department has mistakenly calculated the total income at Rs. 1683 crore instead of the correctly returned and assessed income of Rs. 1435 crore. This error resulted in an erroneous demand of Rs. 77.76 crores, including interest.
According to the company, this demand stems from a mistake apparent on record within the tax department’s computation sheet and does not reflect a violation of law by the company. Gujarat State Petronet Limited plans to take corrective actions, including filing an application for rectification of the mistake and seeking a stay of the demand before the Assessing Officer. The company expresses confidence that the demand will be nullified upon processing the rectification. The company does not currently foresee any material financial implications resulting from this matter.
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