KNR Constructions Receives Consequential Order from Income Tax Dept; Demand Reduced to ₹8.89 Crore
KNR Constructions Limited received a consequential order from the Income Tax Department for AY 2019-20. The demand has been reduced to ₹8.89 crore, down from an initial ₹100.44 crore, following an appeal allowed by CIT(A). The company stated no financial or operational impact.
The company explicitly stated that there is no impact on its financial, operational, or other activities, and the demand is a reduced amount from a previous assessment.
While the demand has been significantly reduced, it is still a tax demand. The company states no financial impact, making the overall sentiment neutral.
KNR Constructions Limited has received a consequential order from the Office of the Deputy Commissioner of Income Tax, Central Circle -2(2), Hyderabad, giving effect to the order of the CIT(A), Hyderabad for the Assessment Year 2019-20. Previously, the Assessing Officer had made additions towards 80-IA deduction and exceptional item, raising a demand of ₹100,43,93,437. The company had filed an appeal before the CIT(A)-12, Hyderabad, which was allowed. Consequently, the Assessing Officer has now issued a consequential order for a revised demand of ₹8,89,16,625.
The company has stated that there is no impact on its financial, operational, or other activities due to this order. Any material development on this matter will be informed to the stock exchanges.
What to do with a filing like this
KNR Constructions 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 low impact, the band that almost never moves a portfolio on its own.
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See the model portfoliosA plain-language summary of a public exchange filing by KNR Constructions Limited. Read the original for the full detail.