Madhya Bharat Agro Products Limited's Tax Demand Reduced to Nil Following Rectification Order
Madhya Bharat Agro Products Limited announced a significant development regarding a tax assessment matter, reporting that a previously assessed tax demand has been reduced to Nil after receiving a rectification order.The company previously reported receiving an assessment order and a demand notice under Section 143(3) of the Income-tax Act, 1961, which initially involved a tax demand payable of Rs. 7 crores.
The company subsequently filed a rectification application with the Tax Authority. Madhya Bharat Agro Products Limited confirmed that on April 15, 2026, it received the rectification order under Section 154 read with Section 143(3) of the Income-tax Act, 1961.
The rectification order, issued by the Assistant Commissioner of Income Tax, 1(1), Gwalior, stated that following the examination of the company's request, the error was rectified under the provisions of Section 154 of the Income Tax Act, 1961, resulting in a demand payable of Nil.
The key details of the communication received are summarized below:
| Particular | Detail |
|---|---|
| Type of Communication | Rectification Order under Section 154 of the Income-tax Act |
| Date of Receipt | April 15, 2026 |
| Assessment Year | 2024-25 |
| Initial Demand Notice | Rs. 7 crores |
| Final Demand Payable | Nil |
While the rectification order confirms that the tax department accepted the company's request, Madhya Bharat Agro Products Limited stated that it remains engaged in legal remedies. The company noted that despite the Nil demand order, it has filed an appeal before the Commissioner (Appeals) against the reversal of MAT Credit, expressing confidence in a favorable outcome at the appellate stage.
The company also indicated that the rectification order will not impact its financial position, operations, or business activities.
MBAPL Stock Price Movement
As of 3:30 PM, shares of Madhya Bharat Agro Products Limited are shedding ₹1.25 (0.23%) in live trading, currently marking ₹547.5. The stock trades on a volume of 178,010 shares, maintaining a substantial gap from its 52-week high of ₹558.95.Source:
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