Ashapura Minechem settles tax dispute, restores Rs 259 crore in losses for future set-off
Ashapura Minechem Limited announced that it has successfully resolved a long-standing income tax dispute, resulting in the restoration of ₹259.20 crore in business and depreciation losses for future utilization.
In a regulatory filing on July 8, 2025, the company informed that it received an order from the Deputy Commissioner of Income Tax (DCIT), dated June 27, 2025, which was uploaded on the Income Tax Portal and received by email on July 7, 2025. Key details: The dispute pertained to Assessment Year 2019–20 , where the Centralized Processing Center (CPC) had made an adjustment under Section 143(1)(a) of the Income Tax Act, disallowing ₹259.20 crore.
Following directions from the Income Tax Appellate Tribunal (ITAT), Mumbai , the Assessing Officer re-examined the case and concluded that the adjustment was not in accordance with law.
As a result, the company's total income for the year was computed as nil , and the losses previously disallowed have now been restored .
The restored losses of ₹259.20 crore will now be available to offset against future profits of the company.
Additionally, Ashapura Minechem confirmed that it has settled all other pending direct tax litigations under the Vivad se Vishwas 2024 scheme and has received Form 4 in all such cases.
'It is pertinent to note that as on date, the Company is free of all Income Tax related litigations,' the company stated in the filing.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time Business News
11 hours ago
- Time Business News
How ULIP Plans Help You Save Tax Under Section 80C
If you're like most salaried individuals, tax-saving season is a mix of urgency and confusion. We all want to lower our tax outgo, but figuring out the smartest way to do it can be tricky. That's where ULIP plans come in. Not only do they help you build long-term wealth and protect your family, but they also offer attractive tax benefits under Section 80C of the Income Tax Act. Let's break it down: what ULIPs are, how they help you save tax, and why they could be a strategic addition to your financial toolkit. ULIP stands for Unit Linked Insurance Plan. It's a dual-benefit financial product that combines: Life insurance: Financial protection for your loved ones Market-linked investments: Equity, debt, or balanced funds to help you grow your money So when you pay a premium, a portion goes toward life cover, and the rest is invested in funds of your choice. Over time, this amount accumulates and can be used to meet long-term goals like buying a house, funding your child's education, or planning retirement. If you're wondering which ULIP is right for you, this guide to the best ULIP plan can help you compare options. ULIPs are one of the few financial instruments that offer triple tax benefits, which means savings at the time of investment, throughout the policy term, and even at maturity. Here's how it works: Premiums paid toward a ULIP plan are eligible for tax deduction under Section 80C, up to ₹1.5 lakh per financial year. This means the amount you invest reduces your taxable income, saving you money instantly. Example: If your taxable income is ₹10 lakh and you invest ₹1.5 lakh in a ULIP, your taxable income reduces to ₹8.5 lakh. That's a potential saving of up to ₹46,800 if you're in the 30% tax slab. If you stay invested for the full policy term and meet the applicable conditions, the amount you receive at maturity is completely tax-free under Section 10(10D). This makes ULIPs one of the few investment options with exempt-exempt-exempt (EEE) status. Conditions include: Annual premium should be less than ₹2.5 lakh (for policies issued after Feb 2021) The policy must not be surrendered before five years Unlike mutual funds, ULIPs allow you to switch between funds (equity to debt or vice versa) without triggering any tax liability. This makes them flexible and tax-efficient, especially during volatile market conditions. While ELSS, PPF, and NPS are also popular tax-saving tools, ULIPs bring a unique mix of benefits: Insurance + Investment: You don't have to buy life cover and investment plans separately Customisation: Choose your fund type and switch anytime Goal-based saving: Ideal for 5–15 year horizons Discipline: The 5-year lock-in encourages consistent, long-term investing Tax benefits at every stage To explore additional options and compare ULIPs with other tax-saving products, you can check this quick guide on how to save tax. ULIPs are a good fit if you: Are looking for both life cover and long-term investment Want to reduce taxable income while building a future corpus Prefer flexibility over guaranteed returns Are comfortable staying invested for 5+ years Want to track and switch funds as per market conditions ULIPs are especially useful for professionals in their late 20s to early 40s, when long-term goals (home, children, retirement) and tax-saving needs are both a priority. Ritu is 30 and earns ₹12 lakh per year. She invests ₹1.5 lakh annually in a ULIP: Gets life cover of ₹25 lakh Invests in equity for higher long-term returns Saves ₹46,800 every year in taxes Plans to use the maturity amount to fund her child's higher education Over 15 years, she not only creates wealth but also enjoys tax relief and financial protection throughout. ULIPs have a 5-year lock-in. Withdrawals before that aren't allowed Returns are market-linked, so they may fluctuate Maturity proceeds are tax-free only if the premium and policy terms meet certain conditions You may incur charges in the initial years (though they've reduced over time) ULIPs aren't just about saving tax. They're about building wealth with a purpose, protecting your family, and doing it all in a tax-efficient way. Yes, they require commitment. Yes, they come with a bit of market risk. But for those who want a smart, all-in-one solution for tax-saving, investing, and insurance, ULIPs offer a lot of value. So instead of scrambling for last-minute tax proofs, consider choosing a plan that works for you , today and tomorrow. TIME BUSINESS NEWS
Business Upturn
12 hours ago
- Business Upturn
SML Isuzu to announce Q1 FY26 results on July 22
By Aditya Bhagchandani Published on July 8, 2025, 20:13 IST SML Isuzu Limited has announced that its Board of Directors will meet on July 22, 2025 (Tuesday) to consider and approve the unaudited financial results for the first quarter of the financial year 2025–26, ended on June 30, 2025. The company informed stock exchanges on July 8, 2025, through an intimation under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Trading window closure SML Isuzu also noted that in line with its Code of Conduct to regulate, monitor and report trading by designated persons, the trading window for dealing in its equity shares remains closed from July 1, 2025 and will continue to remain closed until July 25, 2025 (Friday) — i.e., 48 hours after the declaration of results. The intimation was signed by Parvesh Madan, Company Secretary & Compliance Officer. For further details, stakeholders can refer to the company's filings on BSE or NSE websites. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
12 hours ago
- Business Upturn
Ashapura Minechem settles tax dispute, restores Rs 259 crore in losses for future set-off
By Aditya Bhagchandani Published on July 8, 2025, 19:29 IST Ashapura Minechem Limited announced that it has successfully resolved a long-standing income tax dispute, resulting in the restoration of ₹259.20 crore in business and depreciation losses for future utilization. In a regulatory filing on July 8, 2025, the company informed that it received an order from the Deputy Commissioner of Income Tax (DCIT), dated June 27, 2025, which was uploaded on the Income Tax Portal and received by email on July 7, 2025. Key details: The dispute pertained to Assessment Year 2019–20 , where the Centralized Processing Center (CPC) had made an adjustment under Section 143(1)(a) of the Income Tax Act, disallowing ₹259.20 crore. Following directions from the Income Tax Appellate Tribunal (ITAT), Mumbai , the Assessing Officer re-examined the case and concluded that the adjustment was not in accordance with law. As a result, the company's total income for the year was computed as nil , and the losses previously disallowed have now been restored . The restored losses of ₹259.20 crore will now be available to offset against future profits of the company. Additionally, Ashapura Minechem confirmed that it has settled all other pending direct tax litigations under the Vivad se Vishwas 2024 scheme and has received Form 4 in all such cases. 'It is pertinent to note that as on date, the Company is free of all Income Tax related litigations,' the company stated in the filing. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
