Sharda Motor Industries Ltd. has informed exchanges that it received Appellate Orders from the Commissioner of Income-Tax (Appeals) on February 23, 2026, covering six Assessment Years (AY 2018-19 to 2021-22 and AY 2023-24 to 2024-25). The initial outstanding demand of Rs 84.89 Cr is expected to be reduced to Rs 6.11 Cr upon implementation by the Assessing Officer. The company plans to appeal the remaining balance of Rs 6.11 Cr before the Income Tax Appellate Tribunal.
Receipt of Income Tax Appellate Orders
Sharda Motor Industries Ltd. has officially disclosed the receipt of Appellate Orders from The Commissioner of Income-Tax (Appeals) -27, New Delhi. This action is in continuation of previous disclosures regarding pending income tax appeals.
Details of Orders Passed
The orders, dated February 23, 2026 (and received via the IT Portal on February 25, 2026), were passed under Section 250 of the Income Tax Act, 1961, concerning six assessment years. These years are AY 2018-19 to AY 2021-22 and AY 2023-24 to AY 2024-25. It should be noted that the appeal for AY 2022-23 remains pending before the Commissioner of Income Tax (A).
Quantifiable Monetary Impact
The total outstanding demand across the six covered assessment years was previously Rs 84.89 Cr. Following the order from the CIT(A), the management anticipates that the Assessing Officer will pass an appeal effect order, leading to a significant reduction in this liability. The revised demand is expected to be reduced to Rs 6.11 Cr.
Future Course of Action
The company has confirmed its intention to challenge the reduced demand. Specifically, the company will file an appeal before the Income Tax Appellate Tribunal against the remaining balance demand amount of Rs 6.11 Cr.
Source: BSE
