Madras High Court quashes ₹3,567 lakh income tax demand for Refex Industries
Refex Industries Limited announced that the Hon’ble Madras High Court has quashed an income tax demand of ₹3,567.22 lakh for AY 2016-17. The court set aside the assessment order, nullifying the demand. The company received the order on April 28, 2026.
The quashing of a tax demand of ₹3,567.22 lakh is a material event that significantly impacts the company's financial standing and reduces potential liabilities.
The company received a favorable order from the Madras High Court quashing a significant tax demand, which is a positive development.
Refex Industries Limited has announced that the Hon’ble Madras High Court has set aside the assessment order issued by the Deputy Commissioner of Income Tax - Central Circle 3(4), Chennai, for the Assessment Year 2016-17. This order involved a tax demand of ₹3,567.22 lakh.
The company had filed a writ petition challenging the assessment order, arguing that it was passed without providing a reasonable opportunity of being heard as mandated by Section 144A of the Income Tax Act, 1961, and that the appropriate approval for issuing the notice was not obtained.
The Hon’ble Madras High Court, after reviewing the submissions, has quashed the assessment order. Consequently, the tax demand of approximately ₹3,567.22 lakh stands nullified. The company received the order from the Hon’ble Madras High Court on April 28, 2026. Refex Industries Limited has assured that necessary care will be taken to avoid such inadvertent errors in future disclosures.
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Refex Industries Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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