Kaveri Seed Co Receives Income Tax Appellate Tribunal Hearing Notice
Kaveri Seed Company Limited received a hearing notice from the Income Tax Appellate Tribunal for AY 2023-24. The appeal concerns a ₹69.58 crore demand related to agricultural income, which was previously deleted by the CIT(A). Hearing is scheduled for November 2, 2026. The company expects no material adverse impact.
The litigation involves a significant amount of ₹69.58 crore. Although the company is confident in its case and expects no material adverse impact, the ongoing legal proceedings before the tribunal represent a medium-term risk and require active management.
The company has received a notice for a hearing from the Income Tax Appellate Tribunal. While a previous demand of ₹69.58 crore was deleted by the CIT(A), the Income Tax Department has appealed this decision. The company believes it has a strong case and does not expect a material adverse impact, hence the neutral sentiment.
Kaveri Seed Company Limited has received a Notice of Hearing from the Income Tax Appellate Tribunal (ITAT), Hyderabad Benches. This notice is in relation to an appeal filed by the Income Tax Department against an order concerning Assessment Year 2023-24.
The Income Tax Department had previously raised a demand of ₹69,58,75,410, primarily due to the disallowance of exemption claimed on agricultural income. However, the Commissioner of Income Tax (Appeals) had subsequently allowed the company's claim, deleting the demand.
The matter is now scheduled for a hearing on 2nd November 2026 before the ITAT. The company, in continuation of its earlier disclosures, is evaluating the notice and plans to take necessary steps to defend its position. Kaveri Seed Company Limited believes it has a strong case on merits and does not anticipate any material adverse impact.
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