Deepak Fertilisers has announced that its subsidiaries, Deepak Mining Solutions Limited (DMSL) and Mahadhan AgriTech Limited (MAL), have received demand orders from Income Tax authorities. The orders relate to assessment years 2022-23 and 2024-25. DMSL’s demand totals ₹104.49 crore, while MAL faces a demand of ₹2.17 crore. Both companies are pursuing rectification and clarification.
Details of Tax Demands
Deepak Fertilisers and Petrochemicals Corporation Limited announced that its subsidiaries have received demand orders from the Income Tax department.
Deepak Mining Solutions Limited (DMSL)
DMSL received two demand orders:
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Assessment Year 2022-23: Demand of ₹89,56,67,295. The assessing officer did not consider credit for tax and TDS transferred, which was related to a demerged business. DMSL had claimed this in a modified return after an NCLT order.
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Assessment Year 2024-25: Demand of ₹14,91,97,220. The Central Processing Centre (CPC) increased the income by ₹77,97,300 and did not give credit for TDS amounting to ₹12,18,03,776, which was related to the demerged business. This was also claimed in a modified return after the NCLT order.
DMSL is in the process of filing a rectification with the assessing officer to allow the credit. Assessment proceedings for AY 2024-25 are ongoing and will be completed by March 31, 2026. DMSL will seek clarification for any differences in business income and take necessary action.
Mahadhan AgriTech Limited (MAL)
MAL received a demand order for Assessment Year 2024-25, amounting to ₹2,17,94,900. The Central Processing Centre (CPC) increased the income by ₹6,73,10,350. Assessment proceedings for AY 2024-25 are in progress and will be completed by March 31, 2026. The company will seek clarification for the difference in business income and will take necessary action.
Source: BSE