Styrenix Performance Materials Limited has received a favorable order from the Income Tax Appellate Tribunal (ITAT) in Ahmedabad. The tribunal has allowed the company’s appeal, leading to the deletion of a tax demand of ₹13.28 crores. This tax demand was initially raised by the Assessment Unit of the Income Tax Department for the Assessment Year 2022-23. The company was previously informed about the order by the Assessment Unit on February 02, 2026.
Favorable Tribunal Ruling
Styrenix Performance Materials Limited announced today that it has received a significant positive order from the Income Tax Appellate Tribunal (ITAT), Ahmedabad. This ruling comes after the company filed an appeal against an order passed by the Assessment Unit of the Income Tax Department.
Tax Demand Deletion
The ITAT, in its order dated November 12, 2026, has allowed the appeal filed by Styrenix. Consequently, a tax demand of ₹13.28 crores, which was raised by the Assessment Unit for the Assessment Year 2022-23, has been deleted. The company had previously informed the exchanges about an order passed by the Assessment Unit on February 02, 2026.
Positive Financial Impact
The deletion of this tax demand is expected to have a positive impact on the company’s financial position, as it removes a substantial liability. Details regarding the impact and nature of the order are provided in Annexure A of the disclosure.
Source: BSE
