Nuvoco Vistas Corp. Ltd. has received a favorable outcome in its tax dispute for the 2022-23 financial year. The Income Tax Department has issued a rectification order formally dropping a proposed tax demand of Rs. 11.89 crores. This development follows a rectification application filed by the company to challenge earlier disallowances identified in its assessment, effectively resolving the financial liability concern.
Resolution of Tax Assessment Dispute
Nuvoco Vistas Corp. Ltd. has successfully resolved a significant tax matter concerning the 2022-23 financial year. The company had previously received an assessment order that included certain disallowances, leading to a proposed tax demand amounting to Rs. 11.89 crores.
Outcome of Rectification Process
Following the receipt of the initial assessment, the company proactively filed a rectification application before the jurisdictional assessing officer. On May 11, 2026, the company received a formal rectification order issued under Section 154 read with Section 143(3) of the Income Tax Act, 1961. This order officially confirms that the entire demand of Rs. 11.89 crores has been dropped, concluding the dispute in favor of the company.
Source: BSE
