CG Power gets Stay Order on Rs.188 Crore Income Tax Demand:

CG Power gets Stay Order on Rs.188 Crore Income Tax Demand The Assistant Commissioner of Income Tax, Mumbai, has delayed the Income Tax Department's demand order for Rs.188,78,91,580 for the Assessment Year 2022-23. The appellate panel ordered CG Power and Industrial Solutions to deposit Rs.4,89,38,029 and postponed the rest demand till their appeal with the Commissioner of Income Tax (Appeals) is resolved. On February 27, 2024, the Company received an Income Tax Assessment Order for the Assessment Year 2022-23, with a demand of Rs.188,78,91,580. Being dissatisfied with the assessment ruling, the Company filed an appeal with the Commissioner of Income Tax (Appeals), NFAC, on March 26, 2024, challenging the additions/disallowances made in the demand. The Company submitted an application for a stay of demand to the Assessing Officer on May 2, 2024. The Disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.