Swastika Investmart Resolves Income Tax Dispute, Demand Reduced to Nil
Swastika Investmart Limited announced that it has received an order from the Income Tax Appellate Tribunal (ITAT) in Mumbai, significantly resolving a dispute related to fiscal year 2014-15. The order, ITA No. 6214/MUM/2025 dated March 12, 2026, pertains to an assessment under Sections 143(3) and 156 of the Income Tax Act, 1961.The ITAT order reduces the tax demand under Section 143(3) to Nil. The company previously disclosed in August 2023 that an appeal was pending before the Commissioner of Income-tax (Appeals) concerning the original demand of Rs. 78.15 lakhs.
While the dispute regarding the Section 143(3) assessment has been resolved, proceedings related to a demand of Rs. 50.50 lakhs under Section 156 of the Income Tax Act, 1961, remain pending before the Commissioner of Income-tax (Appeals).
The company stated that the resolution will have no impact on its operations.
| S. No. | Particulars | Information/Remarks |
|---|---|---|
| 1 | The details of any change in the status and / or any development in relation to such proceedings; | Two appeals were pending for FY 2014-15, one against order U/s 143(3) and another against the order U/s 156 of Income Tax Act, 1961. The appeal against the order under Section 143(3) of Income Tax Act, 1961 has been disposed of, and no demand remains payable. The Appeal against the demand raised under Section 156 of Income Tax Act, 1961 involving an amount of Rs. 50.50 lakhs for the assessment year 2015-16, is still pending before the Commissioner of Income-tax (Appeals). |
The update was provided by Shika Agrawal, Company Secretary & Compliance Officer, for Swastika Investmart Limited.
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