Prakash Steelage Ltd. Faces ₹49.29 Crore Tax Demand
Mumbai – March 24, 2026 – Prakash Steelage Ltd. announced today that the Income Tax Department, Faceless Assessment Unit, has issued an assessment order under Section 143(3) read with 1448 of the Income Tax Act, 1961, resulting in a tax demand order under Section 156. The order pertains to a scrutiny assessment for Assessment Year (AY) 2024-25 (Financial Year 2023-24).The tax demand, including applicable interest, amounts to ₹49.29 crore and stems from disallowances of certain expenditure/deductions (reversal of provisions) claimed.
The company is in the process of filing an appeal before Higher Appellate Forums against the order, guided by its Chartered Accountant and tax consultants. Prakash Steelage Ltd. believes it has adequate factual and legal grounds to support its position and expects to have the demand deleted. The company does not anticipate a material impact on its financial operations or other activities.
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