On March 29, 2025, Gateway Distriparks Limited (CIN: L60231MH2005PLC344764) disclosed that it has received a demand notice from the Income Tax Department under Section 153C of the Income Tax Act, 1961 for assessment proceedings related to the Financial Years 2016-17, 2017-18, 2018-19, and 2019-20. This demand relates to the company’s erstwhile entity, Gateway Rail Freight Limited and is for an aggregate amount of Rs.69,48,340.

Details of the Demand Notice

• Period Covered: Financial Years 2016-17, 2017-18, 2018-19, and 2019-20

• Demand Amount: Rs.69,48,340

• Section of Income Tax Act: 153C (related to assessment of income in case of search and seizure)

• Company’s Position: The Company strongly disagrees with the demand notice and believes that there is a gross calculation error.

In line with the provisions of Section 154 of the Income Tax Act, Gateway Distriparks intends to file an application for rectification, which, in the company’s view, would nullify the demand and bring it down to zero.

No Financial Impact So Far

As of now, Gateway Distriparks does not expect the demand notice to have any impact on its financials, operations, or other activities. The company believes that once the rectification application is processed, the demand will be reduced to nil, and there will be no further need for any compensation or penalty.

Clarification Under SEBI Regulations

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023.

Litigation Details

The dispute has been filed with the Income Tax Department. There are no other new demands from these financial years, and all prior demands for the mentioned years have already been disclosed. The company maintains its position that the demand raised is due to an error in calculation, and steps are being taken to correct it.

Conclusion

The company is confident that the rectification under Section 154 will resolve the matter, and there is no expected financial strain on the company from this issue. The Income Tax Department’s demand notice does not indicate any severe financial implications for the company at this time.

The Current active IPO are Aten Papers & Foam Limited, Infonative Solutions Limited,Spinaroo Commercial Limited,Retaggio Industries Limited.

The Closed IPOs are  Identixweb Limited, ATC Energies System Limited, Shri Ahimsa Naturals Limited, Desco Infratech Limited.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.