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Craftsman Automation Ltd. ( (IN:CRAFTSMAN) ) just unveiled an announcement.
Craftsman Automation Ltd. has disclosed that the Principal Commissioner of Income Tax, Coimbatore, has revised its assessment under Section 263 of the Income Tax Act for FY 2022-23, directing the Assessing Officer to disallow Rs 5.30 crore from the company’s returned income. The resulting tax demand will only crystallize once the Assessing Officer issues a fresh order pursuant to these directions.
The company has stated it considers the disallowance unsustainable and plans to pursue appropriate legal remedies against the order. Management also emphasized that the obligation related to the matter has already been fully discharged and does not expect any material impact on its financial position, operations or ongoing activities, suggesting limited immediate risk for shareholders and lenders.
More about Craftsman Automation Ltd.
Craftsman Automation Ltd. is an Indian manufacturing company based in Coimbatore, Tamil Nadu, operating in the engineering and industrial components space. The company focuses on precision manufacturing and automation solutions for sectors such as automotive and industrial engineering, serving both domestic and export markets.
Average Trading Volume: 8,394
Technical Sentiment Signal: Buy
Current Market Cap: 164.3B INR
Find detailed analytics on CRAFTSMAN stock on TipRanks’ Stock Analysis page.