RCF Receives ₹4.36 Crore Income Tax Demand Notice for Multiple Assessment Years
Rashtriya Chemicals and Fertilizers Limited (RCF) received an Income Tax demand notice of ₹4.36 crore for AY 2020-21, AY 2021-22, and AY 2023-24. The company has filed rectification applications and appeals, and does not anticipate material financial outflow, expecting the demands to be rectified.
The company has stated that it does not anticipate any future outflows in monetary terms as the demands are considered erroneous and are expected to be rectified or deleted by the authorities. Therefore, the immediate financial impact is assessed as low.
The company has received a tax demand notice, which is a negative development. However, the company is contesting the demand and believes it will be rectified, mitigating the potential financial impact. Thus, the sentiment is neutral.
Rashtriya Chemicals and Fertilizers Limited (RCF) has received a demand notice from the Income Tax Department amounting to ₹4,36,49,106 (approximately 4.36 crore) towards disallowances and additions made during assessments for the Assessment Years (AY) 2020-2021, AY 2021-2022, and AY 2023-2024.
The notice includes a penalty of ₹19,11,374 for AY 2020-21 related to education cess claimed on account of a retrospective amendment. The company had already filed a rectification application on March 17, 2023, and an appeal before the CIT(A) on March 24, 2023, which is pending.
For AY 2021-22, a penalty of ₹2,14,47,412 was imposed due to disallowed adjustments. The company is in the process of filing a rectification application for the alleged demand raised on account of erroneous disallowance for AY 2023-24.
An appeal against the matters for AY 2023-24 was filed before the CIT(A) on July 27, 2023, which is yet to be heard. The company received this communication via email on March 18, 2026, at 03:37 PM.
While the notice demands payment, RCF believes the underlying demands are erroneous and expects them to be rectified or deleted by the appellate authorities. Therefore, the company does not anticipate any significant future financial outflows.
What to do with a filing like this
Rashtriya Chemicals and Fertilizers 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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