Geecee Ventures Discloses CIT(A) Dismissal of Appeal; To Approach ITAT

In a filing to BSE and NSE, Geecee Ventures Limited has informed the stock exchanges that its appeal before the Commissioner of Income Tax (Appeals) has been dismissed in an income tax dispute related to Assessment Year 2016-17. The company got the appellate order on June 3, 2026.

The case is linked to an assessment order passed by the Income Tax Department in May 2023 in which the Assessing Officer had added Rs 19.22 crore to the company’s taxable income. The addition was made after rejecting the company’s claim that the dividend income was tax-exempt.

Following the assessment order, Geecee Ventures had filed an appeal with the CIT(A). However, the appellate authority has now upheld the tax department’s view and dismissed the company’s appeal. The company has said it plans to contest the order further by filing an appeal before the Income Tax Appellate Tribunal (ITAT) within the stipulated timeline. The management believes it has a strong case on merits and does not foresee any material adverse impact on the company’s financial position.

The potential financial implications for the company would be limited to the tax demand raised by the authorities, depending on the outcome of the ongoing legal proceedings.