Sai Silks (Kalamandir) Limited Receives Favorable Outcome in Promoter’s Income Tax Appeal
Sai Silks (Kalamandir) Limited announced that appeals filed by Mr. Nagakanaka Durga Prasad Chalavadi, a Promoter of the company, against an income tax demand have been largely resolved. The appeals were related to proceedings initiated on May 2, 2023, by the Office of the Deputy Commissioner of Income Tax.Commissioner of Income Tax appellate orders, dated March 30, 2026, substantially favored the Promoter, overturning the original demand of 58.33 Crore. A minor portion, amounting to 85.79 lakhs, was disallowed due to documentation-related issues, resulting in an estimated tax liability of approximately 50 lakhs, to be discharged by the Promoter from personal funds.
The company clarified that the outcome has no impact on its financial position or operations and that no liability arises for the company in this regard. The tax proceedings stemming from the search and seizure operation, concerning both the company and its Promoter, have now concluded.
| Name(s) of the Authority | Office of the Commissioner of Income Tax |
|---|---|
| Nature and details of the actoon(s) taken, initiated or order(s) passed | Appellate orders passed allowing the all the appeals filed by the Promoter against income tax demand |
| Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | March 31, 2026 |
| Details of the order | Income tax demand of 58.33 Crore raised pursuant to search and seizure proceedings dated May 02, 2023. |
| Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | There is no impact on the Company, as the mater pertains solely to the Promoter in his personal capacity. The estimated tax liability of approximately 50 lakhs will be duly discharged by the Promoter from his personal resources. |
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