Indian Wood Products Co. Ltd. Press Release Nov 22 2024

In continuation of our letter dated 01/04/2024, we would like to inform you that the Company has received a revised order dated 15.10.2024, which was received on 22.11.2024 via Email from the Deputy Commissioner of Income Tax, Circle 4(1), Kolkata whereby the Income Tax Department had reduced the tax demand from Rs. 17,17,49,280/- to Rs. 10,17,17,149/- for the Assessment Year 2018-19. The reduction in the tax demand was due to an error in the computation of interest U/s. 234B, which resulted in an excess levy of interest in the previous order dated 28.03.2024. It may be noted that an appeal against the said order which is now revised by the Income Tax Department is still pending before the Commissioner of Income Tax (Appeals)

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