P N Gadgil Jewellers Limited Receives Income Tax Assessment Orders

P N Gadgil Jewellers Limited Receives Income Tax Assessment Orders​

P N Gadgil Jewellers Limited has received assessment orders under Section 143(3) read with Section 147 of the Income Tax Act, 1961, for the assessment years 2021-22, 2022-23, and 2023-24. The orders were received on March 31, 2026, and were issued by the Deputy Commissioner of Income Tax, Central Circle 1(3), Pune.

Details of the Assessment Orders:
The demand for the assessment year 2021-22 is Rs. 2.26 crore, determined due to non-acceptance of royalty expense deductions and additions under Section 69A of the Income Tax Act, 1961. For the assessment year 2022-23, the demand is Rs. 2.29 crore, stemming from the same royalty expense issue, disallowances under Section 40(a), and additions under Section 69A. The assessment order for 2023-24 details a demand of Rs. 2.00 crore due to royalty expense disallowances, Section 40(a) disallowances, and additions under Section 37.

The company believes the claims and demands made are not sustainable and are defendable, and is in the process of filing an appeal against the orders with the appellate authority. P N Gadgil Jewellers Limited expects these matters to have no material financial impact.

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