Supreme Court Dismisses Aspinwall and Company Limited's Appeal Regarding Loss Set-Off
Aspinwall and Company Limited announced on April 17, 2026, that the Hon'ble Supreme Court of India dismissed its Civil Appeal No. 7796 of 2012. The appeal was filed against the Inspecting Assistant Commissioner concerning the set-off of accumulated losses of The Pullangode Rubber & Produce Co. Ltd. against the company's agricultural income.The litigation related to the Kerala Agricultural Income Tax Act, 1991, and specifically involved the Company's claim to utilize accumulated losses of The Pullangode Rubber & Produce Co. Ltd. (which amalgamated with the Company effective January 1, 2006). The Supreme Court, in its judgment dated April 13, 2026, held that such set-off is not permissible under the specific provisions of the Act.
Aspinwall and Company Limited stated that the company is currently assessing its next steps and may consider submitting a Review Petition to the Supreme Court, following consultation with legal counsel.
Details of the Litigation and Financial Implications
The company provided the following details regarding the legal matter:| Detail | Description |
|---|---|
| Opposing Party | Inspecting Assistant Commissioner, Income Tax Department |
| Court | Supreme Court of India |
| Dispute | Claim to set off accumulated losses of The Pullangode Rubber & Produce Co. Ltd. against the Company's agricultural income under the Kerala Agricultural Income Tax Act, 1991. |
| Financial Implication (Estimated) | ₹ 58,00,000/- (Rupees Fifty Eight Lakhs only) plus applicable interest. |
| Company Provision | The Company has made adequate provisions for this liability, including accrued interest amounts, in its books of accounts. |
| Quantum of Claims | The expected cash outflow is to be adjusted against pending tax refunds due to the Company from the Agricultural Income Tax Department, making the actual net cash outflow minimal and non-impactful to the company's financial strength. |
ASPINWALL Stock Price Movement
As of 11:44 AM, shares of Aspinwall and Company Limited are slipping by 0.15% in live trading, currently hovering near ₹224.6. The stock has seen a trading volume of 2,000 shares, contributing to the downward pressure on the equity.Source:
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