GeeCee Ventures Limited states they believe they have a reasonable case on merits and do not expect a material adverse impact on their financial position, other than the extent of the demand made.
Khushi Jain | Apr 30, 2026 |
Income Tax Addition for Rs. 13.40 Crore to GeeCee Ventures Sparks Fresh Legal Battle
Established in 1984, GeeCee Ventures Limited (formerly Gwalior Chemical Industries Limited) is a forward-thinking, publicly listed company on the NSE and BSE. Over the last 14 years, the company has transitioned from the chemical industry to focus on real estate development and investment.
GeeCee Ventures Limited has issued an update regarding an income tax dispute for the Assessment Year 2017-18 (Financial Year 2016-17), which originated from an order by the Assessing Officer on May 30, 2023, that added Rs. 13.40 crores to the company’s return of income by disallowing dividend income previously claimed as exempt.
Following an appeal filed by the company, the Commissioner of Income Tax (Appeals) dismissed the case in an order received on April 27, 2026.
In response, the company intends to file a further appeal before the Income Tax Appellate Tribunal (ITAT) within the prescribed timelines, maintaining that it has a reasonable case on merits and does not anticipate any material adverse impact on its financial position.
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