ISGEC Heavy Engineering Subsidiary Receives Income Tax Demand of Rs. 18.80 Crore
ISGEC Heavy Engineering Ltd. announced that its material wholly owned subsidiary, Saraswati Sugar Mills Limited, has received an income tax order under Section 143(3) of the Income Tax Act, 1961, for the Assessment Year 2024-25 (Financial Year 2023-24). The order, dated March 25, 2026, involves a demand of Rs. 18.80 Crore.Saraswati Sugar Mills Limited is planning to file an appeal with the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, challenging the order. The company believes it has sufficient grounds to succeed in its appeal.
Details of the dispute, as provided in an annexure, include disallowance of certain expenditures under the Income Tax Act. The table below summarizes the key details:
| Particulars | Description |
|---|---|
| Opposing Party | The Assessment Unit, National Faceless Assessment Centre |
| Court/Tribunal/Agency | The Commissioner ofIncome Tax (Appeals) |
| Dispute/Litigation | Disallowance of certain expenditure under the Income Tax Act, 1961 |
| Financial Implications | Rs. 18.80 Crore, includes applicable interest |
| Quantum of Claims | Rs. 18.80 Crore |
Source:
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