Polycab: income tax demand for assessment year 2024-25

Polycab: income tax demand for assessment year 2024-25

Polycab India Faces Income Tax Demand for Assessment Year 2024-25

Polycab India Limited disclosed on March 3, 2026, that it received an Assessment Order from the Office of the Deputy Commissioner of Income-Tax, Mumbai, for the Assessment Year (AY) 2024-25, covering the Financial Year (FY) 2023-24. The order, issued under Section 143(3) of the Income Tax Act, 1961, includes disallowances and additions totaling ₹41.87 crores. Consequently, a demand notice under Section 156 of the Act has been issued for ₹327.45 crores.

The company has contested the validity of the demand, asserting that the amount exceeds the additions due to computational or clerical errors. Polycab India has initiated rectification proceedings under Section 154 of the Income Tax Act, filing an application with the jurisdictional Assessing Officer to address these discrepancies. Furthermore, the company plans to appeal the additions, arguing that the tax demand is not legally sustainable under the provisions of the Act.

Management emphasized that the dispute is procedural and does not reflect any material non-compliance. The company's legal and tax advisors have been consulted, and preparations for the appeal are underway. Polycab India stated it does not anticipate any material impact on its financial position or operational performance as a result of this order.

The development follows standard tax assessment processes, with the company asserting its compliance with statutory requirements. Investors are advised to monitor the outcome of the rectification and appeal processes, which could influence the final tax liability.

Polycab India Disclosure on Income Tax Assessment Order, Investywise (March 3, 2026)

This article is based on publicly disclosed information and does not constitute financial advice.