Polycab India Limited announced the receipt of an Assessment Order from the Income Tax Authority for the Assessment Year 2024-25, pertaining to FY 2023-24. The order resulted in additions aggregating to ₹41.87 crores and a demand notice of ₹327.45 Crores. The company believes the demand is overstated due to clerical errors and is initiating rectification proceedings, while also planning an appeal against the additions, expecting no material impact on financials.
Receipt of Income Tax Assessment Order
Polycab India Limited has received an Assessment Order from the Office of the Deputy Commissioner of Income-Tax, Mumbai (IT Authority). This order pertains to the Assessment Year 2024-25, which is relevant to the Financial Year 2023-24. The order was dated 03rd March 2026.
Details of Assessment and Demand
The Income Tax Authority, under Section 143(3) of the Income Tax Act, 1961, made certain disallowances and additions aggregating to Rs. 41.87 crores. Pursuant to this, a demand notice under section 156 of the Act has been raised for Rs. 327.45 Crores.
Company Response and Outlook
The Company, after consulting tax advisors, is of the opinion that the final tax demand raised is higher than the additions due to identifiable computational or clerical errors. Consequently, the Company has already initiated the process to file an application for rectification under section 154 before the jurisdictional Assessing Officer.
Furthermore, the Company believes the tax demand raised pursuant to the assessment order is not sustainable in law. Preparations are underway to file an appeal against the additions made in the order under the applicable provisions of the Income-Tax Act, 1961. Crucially, the management does not expect any material impact on the financials position or operations as a result of this order.
Source: BSE
