V-Guard Industries Limited Receives Assessment Order from Income-tax Department
V-Guard Industries Limited announced on March 24, 2026, that it received an Assessment Order from the Assessment Unit, National Faceless Assessment Centre, Income-tax Department. The order concludes scrutiny assessment proceedings for the Assessment Year 2023-24.The Income-tax authority assessed a taxable income of INR 35,14,75,000 after adding the closing balance of provision for warranty to the total taxable income. This assessment results in an income-tax demand of INR 10,20,67,830, inclusive of applicable interest.
The Income-tax Department has initiated separate penalty proceedings under section 270A of the Income-tax Act, due to the reported underreporting of income. The company is currently preparing a detailed rebuttal to the show cause notice.
V-Guard Industries Limited intends to challenge the Assessment Order before the Commissioner of Income-tax (Appeals) through a formal appeal and is also evaluating a rectification application. The company believes it has strong legal and factual grounds to support its position.
Table: Key Details of the Assessment Order
| Detail | Information |
|---|---|
| Company Name | V-Guard Industries Limited |
| Type of Communication | Assessment Order under section 143(3) r.w.s 144B of the Income-tax Act, 1961 |
| Date of Receipt | March 24, 2026 |
| Assessment Year | 2023-24 (FY 2022-23) |
| Taxable Income Addition | Closing balance of provision for warranty: INR 35,14,75,000 |
| Income-tax Demand | INR 10,20,67,830 (including interest) |
| Penalty Proceedings | Initiated under section 270A of the Act |
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