Madras High Court Quashes Income Tax Demand of ₹3,567.22 lakh for Refex Industries Limited
Refex Industries Limited has confirmed that the Honorable Madras High Court has quashed an Income Tax demand amounting to ₹3,567.22 lakh for the Assessment Year (AY) 2016-17.The company received the order from the Madras High Court on April 28, 2026.
The initial assessment order, which involved the demand of ₹3,567.22 lakh, had been issued on May 31, 2023, by the Deputy Commissioner of Income Tax - Central Circle 3(4), Chennai.
Refex Industries Limited had filed a writ petition before the Honorable Madras High Court challenging this assessment order. The company asserted that the order was passed without providing a reasonable opportunity of being heard, which is mandated under Section 144A of the Income Tax Act, 1961, and that no appropriate approval was obtained for issuing the notice.
After considering the submissions made by the company, the Madras High Court set aside the aforesaid assessment order passed by the Assessing Officer.
Consequently, the tax demand of approximately ₹3,567.22 lakh stands nullified.
REFEX Stock Price Movement
Today, Refex Industries Limited shares rallied, closing at ₹265.88 after gaining 3.78% today. The stock recorded a robust total volume of 1.47 million shares during the trading session.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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