Priority Jewels Receives Favourable Income Tax Order From CIT(A), Gets Relief of Around Rs 3.54 Crore in Tax Demand:

Priority Jewels Limited has received a favourable order from the Commissioner of Income Tax (Appeals), NFAC, Delhi, in an income tax matter related to the assessment year 2011-12.

The order, dated September 16, 2026, allows the company’s appeal against an earlier assessment order passed under Section 143(3) of the Income Tax Act, 1961.

As part of the order, the Commissioner of Income Tax (Appeals) has deleted the additions and disallowances made by the Assessing Officer, providing relief to Priority Jewels.

The tax department had also initiated penalty proceedings under Section 271(1)(c) in connection with these additions. The appellate authority has directed that these penalty proceedings be dropped.

According to the company, the favourable order will reduce the corresponding tax demand by approximately Rs 3.54 crore.

Priority Jewels said it will also be eligible for a refund of the proportionate tax amount already paid, along with applicable interest, if any. The refund will be subject to the Income Tax Department giving effect to the appellate order.

The company disclosed the development to the stock exchanges under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.