Refex Industries Legal & Regulatory
GST appellate authority set aside a ₹29.32 Crore tax and penalty demand against Refex Industries. The ₹5.87 Crore deposited under protest becomes refund-eligible.
- Value
- ₹29.32 Cr
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GST appellate authority set aside a ₹29.32 Crore tax and penalty demand against Refex Industries. The ₹5.87 Crore deposited under protest becomes refund-eligible.
Refex Industries received a partly favourable CIT(A) tax order for AY 2014-15 involving a Rs. 7.51 Crore demand. Further ITAT appeal is planned.
Refex Industries announced that the GST Appellate Authority quashed a ₹0.35 Crore tax demand for FY 2021-22. This nullification removes a prior contingent financial liability.
Refex Industries Limited announced that the Hon’ble Madras High Court has quashed an Income Tax demand of ₹35.67 Crore for AY 2016–17. The court set aside the assessment order on the grounds that it was passed without providing a reasonable opportunity of being heard. Consequently, the tax liability stands nullified.
The Hon’ble Madras High Court has quashed an income tax demand of ₹35.67 Crore issued to Refex Industries Limited for AY 2016-17. The court set aside the assessment order on procedural grounds. Consequently, the tax demand stands nullified, providing significant regulatory relief to the company.