Filmcity Media Limited Wins Income Tax Appeal, Rs. 7 Crore Demand and Penalty Dropped

Services

FNO Stocks with CA Abhay

Equity Trading with CA Abhay

Option Trading with CA Abhay

Stock Market Masterclass

Equity Investment with CA Abhay

Filmcity Media Limited Wins Income Tax Appeal, Rs. 7 Crore Demand and Penalty Dropped

Team Finance Saathi

24/Dec/2024

What's covered under the Article:

Filmcity Media Limited challenges Income Tax order in appeal.
CIT(A) order dated December 18, 2024, deletes Rs. 7 crore demand and penalty.
The appeal provides a significant legal victory for the company in its ongoing litigation.

Filmcity Media Limited has informed the BSE Limited about a significant update in its ongoing litigation with the Income Tax Department. The company had previously been subject to an order passed by the Income Tax Officer (AO), Ward 16(1)(2), Mumbai, on October 3, 2018, under Section 144 r/w Section 147 of the Income Tax Act, 1961, for the Assessment Year 2011-12, imposing a tax demand of Rs. 7,00,00,000.

In response, the company filed an appeal with the Commissioner of Income Tax (Appeals), challenging the order. On December 18, 2024, the Hon'ble CIT(A) ruled in favor of Filmcity Media Limited, deleting the addition of Rs. 7,00,00,000 made by the Assessing Officer and, consequently, the demand of Rs. 5,25,90,070. In addition, the CIT(A) also annulled the penalty of Rs. 2,32,52,250 imposed under Section 271(1)(c) of the Income Tax Act.

This ruling is a major victory for the company in its dispute with the Income Tax authorities. The company has informed the exchange of this significant legal development in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The update does not involve any litigation against key management personnel or promoters, and there is no settlement or compensation/penalty resulting from the case. The company will continue to keep the stock exchange informed of any future developments related to this matter.

The Upcoming IPOs in this week and coming weeks are Anya Polytech, Citichem India, Solar91 Cleantech, Rosmerta Digital, Indo Farm, and Avanse Financial. The Current active IPO is Unimech Aerospace, Ventive Hospitality, Senores Pharmaceuticals, Carraro India.
For more details on upcoming IPOs, you can visit our page at and stay updated with the latest news on IPO updates on . Join our for regular Stock Market Trading and Investment Calls by - SEBI Registered Research Analyst & for Regular Share Market, News & IPO Updates. Start your Stock Market Journey and Apply in IPO by opening a Free Demat Account in .Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi Trading with CA Abhay Telegram Channel CA Abhay Varn Finance Saathi Telegram Channel Choice Broking FinX.

Services

Filmcity Media Limited Wins Income Tax Appeal, Rs. 7 Crore Demand and Penalty Dropped

Related News