Visaka Industries Limited Discloses Information Regarding Income Tax Litigation
Visaka Industries Limited announced revised disclosure details under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on March 27, 2026. The disclosure, prompted by a communication from the BSE, pertains to ongoing litigation with the Income Tax Department.The Assessment Unit of the Income Tax Department has issued an assessment order under Section 143(3) read with Section 144B of the Income-tax Act, 1961 for Assessment Year 2024-25. This order has resulted in a demand of ₹92,79,530, inclusive of penalties related to additions to the stated income.
The company is evaluating the assessment order and intends to contest it through an appeal to the appropriate authority. Visaka Industries believes it has adequate legal and factual grounds to challenge the order. The company states that the matter does not have a material adverse impact on its financial position, operations, or other activities.
Details of the Litigation:
| Particulars | Details |
|---|---|
| Opposing Party | Income Tax Department, Assessment Unit |
| Court/Tribunal/Agency | Assessment Unit, Income Tax Department |
| Dispute Details | Assessment order for Assessment Year 2024-25 resulted in a demand of ₹92,79,530, including penalties. |
| Financial Implications | ₹92,79,530 |
The information was presented in an Annexure-A submitted to the BSE Limited.
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