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An update from Apcotex Industries Ltd ( (IN:APCOTEXIND) ) is now available.
Apcotex Industries Ltd has disclosed that it received an order from the National Faceless Appeal Centre of the Income Tax Department imposing a demand of Rs 1.02 crore in tax, penalty, fine, and interest. The demand stems from additions related to alleged non-reporting of certain transactions during FY 2016-17 by its erstwhile subsidiary Apcotex Solutions India Private Limited, which has since been merged into Apcotex Industries.
The company is evaluating the order and, based on counsel’s advice, will determine its next steps in response to the tax authority’s action. Apcotex has stated that it does not expect the order to have any material financial impact on its operations, suggesting limited implications for its ongoing business activities and stakeholders.
More about Apcotex Industries Ltd
Apcotex Industries Ltd operates in the chemical and polymer industry, with its business including activities formerly conducted by Apcotex Solutions India Private Limited, which has since been merged into the company. The group is listed on Indian stock exchanges under the symbol APCOTEXIND and is subject to domestic corporate and tax regulations.
Average Trading Volume: 992
Technical Sentiment Signal: Sell
Current Market Cap: 18.73B INR
Find detailed analytics on APCOTEXIND stock on TipRanks’ Stock Analysis page.