Sharda Motor Industries Ltd. has confirmed the receipt of Appellate Orders from the Commissioner of Income-Tax (Appeals) -27, New Delhi, pertaining to the assessment year 2022-23. The order, dated March 27, 2026, addresses an initial outstanding demand of Rs 4.30 Crore. Management anticipates this demand will be substantially reduced to Rs 5.22 Lakhs following the appeal effect order.
Receipt of Appellate Authority Orders
Sharda Motor Industries Ltd. has formally notified stock exchanges regarding the receipt of orders from The Commissioner of Income-Tax (Appeals) -27, New Delhi, relating to proceedings for the Assessment Year 2022-23. The communication confirming this action was received via E-Mail on March 30, 2026, subsequent to the original order issuance on March 27, 2026, under section 250 of the Income Tax Act, 1961.
Impact on Financial Demand
As previously intimated, the income tax appeals for AY 2022-23 were pending before the Commissioner. The total outstanding demand associated with this assessment year was initially set at Rs 4.30 Crore. Management’s current assessment suggests that subsequent to the CIT(A) order, the resulting demand, after the Assessing Officer passes the appeal effect order, is expected to be reduced significantly to Rs 5.22 Lakhs.
Next Steps and Further Appeal
The company intends to challenge the remaining balance demand of Rs 5.22 Lakhs. Sharda Motor Industries plans to file a further appeal before the Income Tax Appellate Tribunal concerning this residual amount. No violations or contraventions were deemed applicable in this context.
Source: BSE
