Nuvoco Vistas Corporation Wins Tax Dispute, Demand of Rs. 11.89 Crores Dropped
Nuvoco Vistas Corporation Limited has successfully secured a rectification order concerning its tax assessment for the Financial Year 2022-23, resulting in the dropping of a demand amounting to Rs. 11.89 crores. The development concerns a dispute that originated from an Assessment Order where certain disallowances were initially made.The Jurisdiction Assessing Officer, Mumbai, issued the rectification order on May 11, 2026. The order was passed by considering the rectification application filed by the company under Section 154 read with Section 143(3) of the Income Tax Act, 1961.
The dispute involved the company filing a rectification application against an original Assessment Order for FY 2022-23. The opposing party in the dispute was the Faceless Assessing Officer, Assessment Unit, Income Tax Department, and the litigation was handled by the National Faceless Appeal Centre (NFAC), Delhi.
The details of the tax dispute and the resulting order are summarized below:
| Category | Detail |
|---|---|
| Opposing Party | Faceless Assessing Officer, Assessment Unit, Income Tax Department |
| Litigation Forum | National Faceless Appeal Centre (NFAC), Delhi |
| Dispute Details | The company received an Assessment Order for FY 2022-23 where disallowances were made, resulting in a proposed demand of Rs. 11.89 crores. The company filed a rectification application. |
| Resolution Order | The Assessing Officer passed a rectification order dropping the demand of Rs. 11.89 crores. |
| Quantum of Claims | None |
NUVOCO Stock Price Movement
Nuvoco Vistas Corporation Limited shares today slipped by 3.05% to settle at ₹316.95. The stock saw considerable activity in the session, processing a total traded volume of 235,553 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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