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What is the story about?
Indian Oil Corporation Ltd
(IOCL) has secured significant relief in an ongoing income-tax dispute for Assessment Year 2016-17.
The Commissioner of Income-tax (Appeals) has partly allowed the company’s appeal, granting relief of ₹1,102.91 crore against the contested tax and interest demand of ₹1,194.07 crore.
IOCL said the balance disputed amount of ₹91.16 crore will now be taken up before the Income-tax Appellate Tribunal.
The company disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, noting that the case involved multiple disallowances raised during assessment.
The relief is expected to ease a portion of IOC’s contingent liabilities at a time when the sector faces volatile crude prices and refining margins.
The Commissioner of Income-tax (Appeals) has partly allowed the company’s appeal, granting relief of ₹1,102.91 crore against the contested tax and interest demand of ₹1,194.07 crore.
IOCL said the balance disputed amount of ₹91.16 crore will now be taken up before the Income-tax Appellate Tribunal.
The company disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, noting that the case involved multiple disallowances raised during assessment.
The relief is expected to ease a portion of IOC’s contingent liabilities at a time when the sector faces volatile crude prices and refining margins.
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