CG Power receives revisionary order from Income Tax Dept for AY 2022-23
CG Power received a revisionary order from the Income Tax Department for AY 2022-23. An additional disallowance of ₹21.43 crore was made. The company plans to appeal this order, which pertains to a total dispute amount of ₹236.74 crore.
The revisionary order involves a significant additional disallowance of ₹21.43 crore, contributing to a total disputed amount of ₹236.74 crore. The company's intention to appeal and its belief in a successful outcome mitigate the immediate impact, but the resolution is pending.
The company has received a revisionary order from the Income Tax Department which includes an additional disallowance. While this is a negative development, the company plans to appeal and believes it has a good chance of success, thus maintaining a neutral outlook.
CG Power and Industrial Solutions Limited has received a revisionary order under Section 143(3) read with Section 263 of the Income Tax Act, 1961, from the Income Tax Department concerning Assessment Year (AY) 2022-23. This follows an original assessment order dated 28th February 2024, which raised a tax demand of ₹188,78,91,580. The company had previously applied for a stay on this demand on 2nd May 2024, and was directed to deposit ₹4,89,38,029, with the balance demand stayed pending appeal before the Commissioner of Income Tax (Appeals).
The revisionary proceedings under Section 263 have resulted in a fresh assessment order from the Assessing Officer, making an additional disallowance of ₹21,43,17,440 on account of the set-off of unabsorbed depreciation loss. CG Power is currently evaluating this order and plans to take appropriate legal steps, including filing an appeal. The company believes it has a fair chance of success in its appeal and that the additions/disallowances will be deleted. The total amount under dispute for AY 2022-23 is ₹236,73,81,955.
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