Goa Carbon Limited — Important, 28-11-2024: General Updates

The Income Tax Department has appealed to the Hon'ble Income Tax Appellate Tribunal regarding a previous disallowance of exchange losses on forward contracts and forward premium expenses for the Assessment Year 2013-14. Following the Tribunal's directive to review the matter, the department has issued a revised order resulting in a refund of Rs. 3.39 crore, which includes interest of Rs. 0.82 crore. This order was acknowledged on October 16, 2024, and subsequently uploaded to the Income Tax Portal. Additionally, the company has received another refund of Rs. 62,760 for the Assessment Year 2016-17. Goa Carbon Limited expects to receive these amounts in due course, presenting a positive outlook for cash flow.