Sharda Motor Industries Receives Appellate Orders from Income Tax Authority
Sharda Motor Industries Limited (SMIL) announced today, March 30, 2026, that it received Appellate Orders from The Commissioner of Income-Tax (Appeals) -27, New Delhi. The orders pertain to the assessment year 2022-23.The company had previously received intimations on this matter, most recently on February 26, 2026, regarding orders passed under Section 250 of the Income Tax Act, 1961. The latest order, dated March 27, 2026, was received via email on March 30, 2026.
According to prior communications, the total outstanding demand for AY 2022-23 was Rs 4.30 Crore. Following the order from the Commissioner of Income Tax (Appeals), SMIL intends to pursue the matter before the Assessing Officer to effect the appeal. Management anticipates that the Assessing Officer will reduce the demand from Rs 4.30 Crore to Rs 5.22 Lakhs. The company plans to file an appeal before the Income Tax Appellate Tribunal concerning the remaining balance of Rs 5.22 Lakhs.
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