Patanjali Foods Ltd. has provided a clarification regarding a Special Leave Petition (SLP) filed by the Principal Commissioner of Income Tax Central 4. The SLP was filed against a ruling by the Bombay High Court that had dismissed the Income Tax Department’s demand for ₹186 crores related to pre-Corporate Insolvency Resolution Process (CIRP) periods.
“The demands of Rs. 186 crores for pre–Corporate Insolvency Resolution process (CIRP) period raised by Income Tax Deptt. has been quashed by Hon’ble Supreme Court of India,” the FMCG brand said in a statement.
The Supreme Court of India dismissed the SLP on January 15, 2025, in favour of Patanjali Foods, upholding the Bombay High Court’s decision.
The tax demand was originally raised for various assessment years but was quashed by the National Company Law Tribunal (NCLT), which was later affirmed by the High Court. The Income Tax Department filed the SLP, which was also dismissed by the Supreme Court. The company confirmed that it did not receive any notice regarding the hearing and only became aware of the dismissal via a tax-related website on February 18, 2025.
Patanjali Foods has confirmed that the ruling by the Supreme Court nullifies the ₹186 crore tax demand, with no further financial implications expected.
Shares of Patanjali Foods ended 0.7% higher at ₹1,829 on Wednesday.
Source from: https://www.cnbctv18.com/market/supreme-court-nullifies-rs-186-crore-tax-demand-for-patanjali-foods-19561760.htm
