Madras High Court Quashes ₹3,567.22 lakh Tax Demand for Refex Industries Limited
Refex Industries Limited, a company of the Refex Group, has announced that the Madras High Court has set aside an assessment order, thereby nullifying a significant income tax demand of ₹3,567.22 lakh.The legal challenge was directed against an assessment order dated May 31, 2023, which had been issued by the Deputy Commissioner of Income Tax - Central Circle 3(4), Chennai. This order related to the Assessment Year 2016-17.
The company initially filed a writ petition before the Hon'ble Madras High Court to challenge the assessment. The core grounds for the challenge were that the original assessment order was passed without providing a reasonable opportunity of being heard, as mandated under Section 144A of the Income Tax Act, 1961, and that no appropriate approval had been obtained for issuing the notice.
The Hon'ble Madras High Court considered the submissions presented by the company. Consequently, the court set aside the aforementioned assessment order passed by the Assessing Officer.
The company confirmed receiving the order from the Madras High Court on April 28, 2026. With this judicial ruling, the tax demand of approximately ₹3,567.22 lakh stands nullified.
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Financial Details of the Dispute:
| Parameter | Detail |
|---|---|
| Company | Refex Industries Limited |
| Assessment Year | 2016-17 |
| Original Demand Amount | ₹3,567.22 lakh |
| Court Ruling Date | April 28, 2026 |
| Outcome | Tax demand nullified by Madras High Court |
REFEX Stock Price Movement
Today, Refex Industries Limited shares edged higher to close at ₹265.88, up 3.78% or ₹9.68. The equity settled on a robust volume of 1.47 million shares, marking a solid close within its daily trading range.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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