Nandan Denim Limited — Others, 30-11-2024: Action(s) taken or orders passed

Nandan Denim Limited has received an Order from the Income Tax Department under Section 250 of the Income Tax Act for Assessment Years 2015-16 and 2016-17. The Order indicates that disallowances previously made for deductions under Section 80IA of the Act are now directed to be allowed, resulting in a reduction of contested tax demands from ₹8.29 crore to nil for AY 2015-16, and from ₹4.33 crore to nil for AY 2016-17. While this development eliminates potential liabilities, it does not materially impact the company's overall financial or operational activities. Investors may view this as a positive outlook, reducing risk exposure related to tax disputes.