Asian Granito India Limited receives IT demand notice

Asian Granito India Limited has received three orders passed by the Deputy Commissioner of Income - Tax, Central Circle - 1(1), Ahmedabad for Assessment Year (A.Y.) 2016-17, A.Y. 2018-19 and A.Y. 2019-20.

The Company has received Demand Notice under section 156 of the Income Tax Act, 1961 for Rs.6,06,36,395/- related to A.Y. 2016-17 due to disallowance of certain expenses and additions of income and on account of interest.

The Company has received Demand Notice under section 156 of the Income Tax Act, 1961 for Rs.40,57,58,292/- related to A.Y. 2018-19 due to disallowance of certain expenses and additions of income and on account of interest.

The Company has received Demand Notice under section 156 of the Income Tax Act, 1961 for Rs.20,65,38,807/- related to A.Y. 2019-20 due to disallowance of certain expenses and additions of income and on account of interest.

The Company is taking necessary steps to appeal against the Order before the appropriate Authority. The financial impact of the Order is to the extent of the penalty levied. There is no impact on operations or other activities of the Company due to the Order.

Shares of Asian Granito India Limited was last trading in BSE at Rs. 43.11 as compared to the previous close of Rs. 43.55. The total number of shares traded during the day was 68891 in over 489 trades.

The stock hit an intraday high of Rs. 45.61 and intraday low of 42.80. The net turnover during the day was Rs. 3024347.00.

Source : Equity Bulls

Keywords

AsianGranitoIndia INE022I01019 IncomeTaxDepartment DemandNotice