Income Tax Appeal against GeeCee Ventures Settled in First Instance; Company Plans Further Challenge
GeeCee Ventures Limited has received the decision regarding its appeal against an earlier tax assessment, with the Commissioner of Income Tax (Appeals) dismissing the case. The company confirmed it intends to pursue a further appeal before the Income Tax Appellate Tribunal (ITAT).The matter concerns an order dated 11.05.2023 passed by the Assessing Officer (AO), which had resulted in an addition of Rs. 19.22 crores to the income return of GeeCee Ventures for Assessment Year 2016-17 (Financial Year 2015-16). This addition related to the disallowing and adding back of dividend received, which the company claimed as exempt income.
The appeal filed before the CIT(A) concerning this matter was dismissed vide an order dated June 03, 2026.
GeeCee Ventures Limited stated that it believes it has a reasonable case on merits regarding the ongoing litigation and does not anticipate any material adverse impact on its financial position. The company confirmed plans to file a subsequent appeal before the Income Tax Appellate Tribunal (ITAT) within the prescribed timelines.
Details of the income tax related matter are summarized below:
| Detail | Information |
|---|---|
| Assessment Year | 2016-17 (Financial Year 2015-16) |
| Dispute Nature | Disallowing and adding back of dividend received claimed as exempt income. |
| Amount Involved in Addition | Rs. 19.22 crores |
| Current Appeal Status | The appeal before the Commissioner of Income Tax (Appeals) was dismissed on June 03, 2026. |
| Next Step Planned | Filing a further appeal before the Income Tax Appellate Tribunal (ITAT). |
GEECEE Stock Price Movement
GeeCee Ventures Limited rallied today, closing post-market at ₹329.75 after gaining 1.40%. The stock traded within a range of ₹324.25 to ₹333 during the session, recording a volume of 7,368 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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