KNR Constructions has received favorable orders from the Commissioner of Income Tax (Appeals) regarding disallowances claimed under Section 80-IA of the Income Tax Act. The orders cover assessment years 2017-18, 2018-19, 2019-20, and 2020-21. The Assessing Officer had previously disallowed deductions and arbitration claims, but the appeals have now been upheld. The company awaits consequential orders.
Favorable Outcome in Income Tax Appeals
KNR Constructions has successfully secured orders in its favor from the Commissioner of Income Tax (Appeals)-12, Hyderabad. These orders pertain to appeals filed by the company regarding disallowances made under Section 80-IA of the Income Tax Act.
Details of the Assessment Years
The positive orders relate to the Assessment Years 2017-18, 2018-19, 2019-20, and 2020-21. The initial disallowances were issued by the Assessing Officer, encompassing deductions claimed and certain arbitration claims, which had led to increased tax demands for the company during those years.
Next Steps
The company is currently awaiting the consequential orders from the Assessing Officer to implement the directives of the Commissioner of Income Tax (Appeals). These orders will give effect to the upheld appeals for the respective assessment years. The potential financial impact is still to be determined pending these consequential orders.
Source: BSE
