Tega McNally Minerals Limited (TMML), a wholly owned subsidiary of Tega Industries, has received an Assessment Order from the Income Tax authority, dated March 30, 2026. The Order raises a total tax demand, including interest, amounting to ₹1,21,14,12,580/-. The demand relates to the Assessment Year 2018-19, covering a period prior to TMML’s acquisition by Tega Industries under the NCLT resolution plan. The company plans to appeal the order, stating there is no material impact on current operations or financials.
Tax Assessment Received by Subsidiary
Tega Industries Limited announced that its wholly owned material subsidiary, Tega McNally Minerals Limited (TMML), has been served an Assessment Order by the Assistant Commissioner of Income Tax, Circle 1(1), Kolkata. The order, received on March 30, 2026, was passed under Section 143(3) read with Section 147 of the Income-tax Act, 1961.
Demand Details and Period Covered
The total tax demand raised under this Order, which includes associated interest, aggregates to ₹1,21,14,12,580/- (approximately ₹121.14 Crore). The assessment specifically pertains to the financial period spanning April 2017 to March 2018 (Assessment Year 2018-19).
It is crucial to note that this assessment year relates to the period prior to March 2023, when TMML was acquired by Tega Industries pursuant to a resolution plan approved by the Hon’ble National Company Law Tribunal (NCLT). The order involves certain additions and disallowances concerning reconciliation matters and determination of expenditure allowability for that pre-NCLT period.
Impact and Next Steps
Tega Industries has confirmed that there is no material impact on the current financial standing, operations, or other activities of TMML or the parent Company resulting from this demand order. Furthermore, the Company highlighted that it has previously received a favorable order on similar tax matters for a different assessment year.
TMML is currently taking appropriate steps to appeal against the Order in the pursuit of relief.
Source: BSE
