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The Income Tax Appellate Tribunal has granted relief for income tax demand of Rs 97.88 crore for the appeals filed by the company. It also dismissed all the appeals for income tax demand of Rs 1170.36 crore filed by the income tax department (ITD) for the subject years.
As result, the tax demand is reduced to approximately Rs 0.96 crore.
KRBL said it is evaluating available legal remedies for the income tax demand of Rs 0.96 crore, sustained by the Tribunal.
During the year ended 31 March 2019, KRBL had received assessment orders along with demand notices, with respect to assessment years 2010-11 to 2016-17, aggregating to Rs 1269.20 crore (including interest).
The company contested the tax demand notices before CIT (Appeals), New Delhi.
During the year ended 31 March 2020, CIT (Appeals) granted partial relief on certain issues in favor of the company vide orders dated 11 March 2020 and correspondingly, Income tax demand stood reduced to Rs 98.83 crore (including interest).
Later, KRBL filed appeals before Tribunal for additions sustained by CIT (Appeals), and correspondingly the ITD had also filed appeals before the Tribunal in respect of the relief allowed by CIT (Appeals).
Now, the Tribunal vide its aforesaid consolidated order has allowed the appeals filed by the company and dismissed all the appeals filed by the ITD.
KRBL is a basmati rice producer and has fully integrated operations in every aspect of basmati value chain, right from seed development, contract farming, procurement of paddy, storage, processing, packaging, branding and marketing.
KRBL reported 50% drop in standalone net profit to Rs 73 crore despite a 3% rise in revenues to Rs 1,154 crore in Q3 FY22 over Q3 FY21.
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