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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.
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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.
