GHCL Limited — Important, 07-03-2025: Updates

GHCL Limited has filed appeals before the CIT (A), Ahmedabad, regarding income tax penalties for Assessment Years 2009-10 to 2011-12. The company has chosen to utilize the Direct Tax Vivad se Vishwas Scheme, 2024, to settle these disputes and mitigate future litigation risks. On March 6, the Assessing Officer determined the final amounts payable. For AY 2009-10, GHCL must pay ₹0.80 lakh, while for AY 2010-11, the penalty of ₹26.90 lakh has been offset against an Income Tax refund, leaving a net refund of ₹98.98 lakh for AY 2024-25. Lastly, for AY 2011-12, GHCL is required to pay ₹13.40 lakh. The overall financial impact from this resolution will be minimal for the company, totaling approximately ₹41.10 lakh, with a net payment of ₹14.21 lakh expected. This development enhances GHCL's position by reducing legal uncertainties and cash flow constraints.