Prism Johnson Limited has disclosed that the Income Tax Department has raised a demand of Rs 28,23,82,920 for AY 2024-25. The company plans to appeal the order, asserting that the disallowances made were unjustified.
Prism Johnson Limited has informed the stock exchanges that it received an assessment order under Section 143(3) of the Income Tax Act, 1961, dated March 29, 2026. The order raises a significant tax demand, but the company maintains that the impact on its financials and operations will be minimal.
Assessment Order Details
The Deputy Commissioner of Income Tax, Central Circle 6(1), Mumbai, issued the order for AY 2024-25. The demand stems from disallowance of certain expenses and items during assessment proceedings.
Company Response
Prism Johnson has stated that it will challenge the order through an appeal, emphasizing that the expenses disallowed should have been considered allowable. The company does not foresee any material impact on its financials or operations at this stage.
Key Highlights
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Tax demand raised: Rs 28,23,82,920
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Assessment Year: 2024-25
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Authority: Deputy Commissioner of Income Tax, Mumbai
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Reason: Disallowance of certain expenses and items
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Company stance: Preparing to appeal, no material impact expected
Sources: Prism Johnson Limited disclosure to NSE and BSE