Karnataka HC sets aside IT assessment order with demand of Rs. 779.56 Mn against Aequs Limited

The National Faceless Assessment Centre, represented by Addl/joint/deputy/assistant commissioner of income tax/ Income Tax officer, Income Tax Department, Ministry of Finance, Room no. 401, 2nd Floor, E-Ramp, Jawarlal Nehru Stadium, Delhi - 110 003, had issued an Assessment Order dated September 27, 2021 under Section 143(3) of the Income Tax Act relating to Financial Year 2017-18 (assessment year 2018-19) raising a demand of ₹ 779.56 Mn. ("Order") and aggrieved by such Order, Aequs had filed a Writ Petition dated October 21, 2021 before the Hon'ble High Court of Karnataka at Bengaluru seeking the said Order to be stayed and now with respect to the said Writ Petition, Hon'ble High Court of Karnataka at Bengaluru has passed an order, setting aside the Order and allowing the appeal.

Shares of Aequs Limited was last trading in BSE at Rs. 139.60 as compared to the previous close of Rs. 142.25. The total number of shares traded during the day was 419944 in over 2719 trades.

The stock hit an intraday high of Rs. 144.25 and intraday low of 139.00. The net turnover during the day was Rs. 59659936.00.

Source : Equity Bulls

Keywords

Aequs ITAssessmentOrder KarnatakaHC AppealAllowed