Tirupati Sarjan Ltd Addresses Delay in Disclosing Income Tax Demand Notices
Tirupati Sarjan Ltd addressed a discrepancy noted by the exchange regarding the timely disclosure of a material event concerning demands under the Income Tax Act, 1961. The company clarified the delay in informing the exchange about notices received from the Income Tax Department.The company stated that the email ID used to receive the notices was operated by multiple employees of the Accounts Department, leading to an inadvertent oversight by the Accounts Manager. Additionally, the Accounts Manager and the team were highly occupied with financial year closing activities. The company noted that weekends and a public holiday (Mahavir Jayanti) occurred between the dates of receipt. The matter came to notice on the evening of April 1, 2026, prompting the immediate filing of an intimation on April 2, 2026, considering the materiality of the information.
Tirupati Sarjan Ltd affirmed that the delays were without any malafide or wilful intention from the company or its directors.
Details of Income Tax Demand Notices Received
The company provided details of multiple notices of demand under section 156 of the Income Tax Act, 1961, covering various assessment years.The following table summarizes the notices received:
| Date of Receipt | Assessment Year | Amount Determined Payable | Violations/Contraventions Mentioned |
|---|---|---|---|
| 26/03/2026 | 2020-21 | Rs. 1,00,47,730 | Addition of Cash Credit under section 68 of the Act in the Total Income. |
| 28/03/2026 | 2017-18 | Rs. 5,86,36,170 | Addition of unexplained expenditure under section 69C and Cash Credit under section 68 of the Act in the Total Income. |
| 29/03/2026 | 2016-17 | Rs. 46,97,2846/- | Addition of unexplained expenditure under section 69C and Cash Credit under section 68 of the Act in the Total Income. |
| 30/03/2026 | 2018-19 | Rs. 6,56,19,630 | Addition of unexplained expenditure under section 69C of the Act in the Total Income. |
For all notices, the company noted that it is in the process of preferring an appeal before an Appellate Authority or pursuing other legal options against the said notice(s) of demand.
Appeal and Appeal Status
The company stated that the amount determined to be payable should be paid to the Manager, authorised bank/State Bank of India within 30 days of the service of the notice. It also informed that the company is currently in the process of preferring an appeal against these notices.Details regarding the notices of demand were provided in tabular format detailing the authority, nature of action, date of receipt, and alleged contraventions for each instance.
Stock Price Movement
As of 1:20 PM, shares of Tirupati Sarjan Ltd are dipping to ₹7.80, registering a decline of -1.89%. The stock traded within a range today, hitting an intraday low of ₹7.70 before reaching a high of ₹7.95.Source:
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