GeeCee Ventures Limited's appeal allowed by ITAT, ₹13.40 crore addition removed
GeeCee Ventures Limited's appeal has been allowed by the Income Tax Appellate Tribunal (ITAT). The ITAT quashed the reassessment order and the notice issued under Section 148, removing a ₹13.40 crore addition to the company's income. The decision was based on procedural invalidity regarding approval for the notice.
The removal of a ₹13.40 crore tax addition is financially significant for the company, although the full impact will be determined once consequential effects are applied.
The company's appeal was allowed, leading to the removal of a significant tax addition, which is a positive outcome.
GeeCee Ventures Limited has received a favorable order from the Income Tax Appellate Tribunal (ITAT), Mumbai 'G' Bench, in its appeal (ITA No. 5803/MUM/2026) concerning Assessment Year 2017-18.
The ITAT, in its order dated October 01, 2026, which the company received on October 09, 2026, allowed the company's appeal. The Tribunal quashed the notice issued under Section 148 of the Income-tax Act, 1961, and the consequential reassessment order dated May 30, 2023, as invalid and void ab initio. This decision was based on the grounds that the necessary approval for issuing the notice was not obtained from the specified authority as required under Section 151 of the Act.
This ruling means the addition of ₹13.40 crore (₹13,39,79,699) made to the company's income by the Assessing Officer will be removed. The addition was initially made by disallowing the exemption claimed on dividend income under Section 10(35) of the Act and adding it back under Section 68. The company had previously appealed this order before the Commissioner of Income Tax (Appeals) [CIT(A)], which was dismissed on April 27, 2026. GeeCee Ventures Limited will now take necessary steps to follow up with the Assessing Officer for consequential effect to be given to this ITAT order.
What to do with a filing like this
GeeCee Ventures Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by GeeCee Ventures Limited. Read the original for the full detail.