Latest news with #IncomeTax
The Hindu
15 hours ago
- Business
- The Hindu
Golflinks issues clarification on IT survey, denies ties to public officials or Bescom
Golflinks Software Park Private Limited on Thursday clarified that the Income Tax searches on them have no connection to public officials, State government departments, Bescom contracts, or smart meter-related matters. Reports on Thursday had mentioned that IT had raided Golflinks Software Park Private Limited in connection with smart meter-related matters. 'Routine proceedure' 'We formally and unequivocally clarify that the aforesaid Income Tax survey was a routine procedure carried out by the Income Tax Department under Section 133A of the Income Tax Act, 1961, and has no connection to public officials, State government departments, Bescom contracts, or smart meter-related matters,' Jacob Kuruvilla, Chief Executive Officer of Golflinks, said in a release. He added that Golflinks Software Park Private Limited operates in full compliance with applicable laws and regulations. 'Statutory filings, including Income Tax returns, have been duly and accurately submitted within the prescribed timelines, in accordance with the provisions of the Income Tax Act and related rules,' he noted.
Malaysian Reserve
20 hours ago
- Business
- Malaysian Reserve
C21 Investments Reports First Quarter Financial Results
+30% Q1 Revenue Growth Year-Over-Year Highlights Continued Outlier Growth VANCOUVER, BC, July 31, 2025 /CNW/ – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) ('C21' or the 'Company'), a vertically integrated cannabis company, today announced the filing of its interim financial statements and management discussion and analysis for its first quarter ending June 30, 2025, on SEDAR. The Company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ('GAAP'). All currency is reported in U.S. dollars. First Quarter Highlights (April 1, 2025 to June 30, 2025): Revenue of $8.6 million – up 30% year-over-year and up 6% sequentially – driven by continued same store sales growth across all dispensaries; State of Nevada sales were down 14% year-over-year and flat from the sequential comparative periods1 Gross Margin of 35% – up 410 basis points year-over-year Income from Operations of $0.2 million – up $1 million from Q1 last year, driven by higher retail sales and lower SG&A costs Earnings (Loss) Per Share of ($0.01) – flat year-over-year, primarily impacted by Income Tax provisions; Net Income Before Tax of $0.1 million Adjusted EBITDA2 of $1.1 million – up 244% from Q1 last year Free Cash Flow2, before working capital changes and taxes, of $0.9 million; $0.8 million Income Tax paid in Q1 Retail Transaction Growth up 45% from the Q1 last year and 5% sequentially Purchased 184,500 common shares for cancellation pursuant to the NCIB _______________________________ 1 State of Nevada cannabis sales: 2 Refer to 'Non-GAAP Measures' disclosure at the end of this news release for a description and calculation of these measures Q1 Management and Operational Commentary: CEO and President, Sonny Newman: '30% revenue growth in Q1 underscores the soundness of our retail strategy and ability to deliver exceptional results in a challenging market. We are pleased with yet another quarter of robust same-store sales growth across all of our dispensaries. Our flagship Sparks store, celebrating its 10th anniversary as Nevada's first licensed dispensary, reported impressive results with a 5% increase in customer transactions quarter-over-quarter. Our South Reno location continues to outperform, achieving 120% same-store sales growth over its first full year of operations. Despite industry-wide price compression and the decline in overall Nevada state sales, we have delivered sequential revenue growth and another quarter of positive free cash flow. These results reflect the strength of our business model, the capabilities of our team, and focus on operational efficiency. Looking ahead, we remain committed to our long-term goal of sustainable growth.' Q1 revenue of $8.6 million was up 30% over the previous year, despite a 14% decline in Nevada sales over the comparative period1. Revenue was up 6% from the previous quarter. Increases were driven by same store sales growth in each of Silver State's three dispensaries as well as higher wholesale volume. Gross Margin of 35% in the first quarter was up 410 basis points year-over-year but down sequentially, impacted by seasonality around 4/20 discounts and an increase in wholesale activity. C21 reported Income from Operations of $0.2 million in the first quarter, up $1.0 million from the previous Q1 and down sequentially, primarily due to lower gross margin. SG&A costs were down 3% year-over-year and relatively flat sequentially despite the material increase in revenue. The Company reported a Net Loss of $0.8 million in the first quarter, or ($0.01) per share, versus a Net Loss of $1.4 million in the previous first quarter. Q1's Net Loss was primarily due to Income Tax provisions. The Company generated $0.1 million Net Income Before Tax for Q1. Q1 Adjusted EBITDA2 was $1.1 million, up 244% from the previous Q1 but down sequentially. The increase in Adjusted EBITDA year-over-year was driven by the 30% increase in retail sales, improved gross margin, and lower SG&A costs. Q1 Free Cash Flow2 before working capital changes was $0.9 million, up $1.0 million from the previous Q1 and down sequentially. Cash at the end of Q1 was flat from Q4 notwithstanding $0.8 million in Income Tax paid, a $0.3 million debenture principal repayment, and shares purchased for cancellation in the quarter. Based on legal interpretations and opinions that challenge its tax liability under Section 280E Internal Revenue Code of 1986, the Company has taken the position that it does not owe taxes attributable to the application of this Section of the Code. The Company plans on refiling amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024. Management exercises significant judgment when assessing the probability of successfully sustaining the Company's tax filing positions, and in determining whether a contingent tax liability should be recorded and, if so, estimating the amount. See disclosure of Risk Factors in the MD&A. Non-GAAP Measures: C21 reports its financial results in accordance with GAAP and uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. The Company refers to certain non-GAAP financial measures such as 'Free Cash Flow', 'Adjusted EBITDA' and 'same store sales'. These measures do not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company considers these measures to be an important indicator of the financial strength and performance of its business. The Company believes the adjusted results presented provide relevant and useful information for investors because they clarify the Company's actual operating performance, make it easier to compare the Company's results with those of other companies and allow investors to review performance in the same way as the management of the Company. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the Company's reported results as indicators of the Company's performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. 'Free Cash Flow' is defined as Cash Provided by Operating Activities from Continuing Operations adding back income tax expense and before changes in working capital, minus capital expenditures. Management believes that Free Cash Flow, which measures our ability to generate cash from our continuing business operations, is an important financial measure for use in evaluating the Company's financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Q1 Free Cash Flow: Q1 Q4 Q3 Q2 Q1 Quarter Ended (except as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Cash Provided by Operating Activities before taxes and changes in working capital (continuing operations) $ 942,348 $ 1,582,088 $ 1,726,751 $ 1,045,505 $ 77,815 Purchase of Property and Equipment (37,329) (31,434) (144,908) (60,731) (169,660) Free Cash Flow $ 905,019 $ 1,550,654 $ 1,581,843 $ 984,774 $ (91,845) 'Adjusted EBITDA' is defined as EBITDA (earnings before depreciation and amortization, depreciation and interest in cost of sales, income taxes, and interest) less accretion, loss from discontinued operations, one-time transaction costs and all other non-cash items. The Company has presented 'Adjusted EBITDA' because its management believes it is a useful measure for investors when assessing and considering the Company's continuing operations and prospects for the future. Furthermore, 'Adjusted EBITDA' is a commonly used measurement in the financial community when evaluating the market value of similar companies. Q1 Adjusted EBITDA: Q1 Q4 Q3 Q2 Q1 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Income (Loss) $ (758,820) $ (1,581,297) $ (130,941) $ (845,132) $ (1,412,172) Interest & accretion 180,598 196,905 231,358 238,531 136,752 Provision for Income Taxes 825,500 2,232,750 722,800 828,400 367,700 Depreciation and Amortization 445,616 445,042 445,992 435,456 379,522 Depreciation and Interest in COGS 203,092 203,091 – 406,184 203,091 EBITDA $ 895,986 $ 1,496,491 $ 1,269,209 $ 1,063,439 $ (325,107) Change in FV of derivative liability – (52,257) – – – Share based compensation 93,945 136,757 143,493 147,091 422,218 Loss (gain) from discontinued operations 1,861 51,712 49,663 85,714 25,724 One-time special project costs 118,770 70,000 – – 117,543 Production curtailment, non-cash inventory adjustments – – – – 28,700 Other gain (loss) (41,726) (10,602) 105,234 (927) 41,740 Adjusted EBITDA $1,068,836 $ 1,692,102 $ 1,567,599 $ 1,295,317 $ 310,818 Q1 Balance Sheet Summary: (US$) June 30, 2025 March 31, 2025 Assets Cash 2,655,208 2,625,461 Inventory 4,163,477 4,051,425 Other current, assets held for sale 790,078 827,229 Current Assets 7,608,763 7,504,115 Note receivable 778,966 802,766 Fixed Assets/Goodwill/Intangibles 48,007,884 48,692,868 Total Assets 56,395,613 56,999,749 Liabilities Accounts payable 2,541,590 2,148,153 Convertible Debentures (current portion) 1,104,829 977,817 Income taxes payable 2,142,540 2,833,991 Other notes, current lease, liabilities held for sale 2,039,487 1,997,082 Current Liabilities 7,828,446 7,957,043 Convertible Debentures 442,402 710,367 Lease liabilities 9,621,827 9,771,124 Uncertain tax position 10,539,748 9,822,797 Derivative liability, Deferred tax 64,136 62,641 Total Liabilities 28,496,559 28,323,972 Shareholders' Equity 27,899,054 28,675,777 Total Liabilities and Shareholders' Equity 56,395,613 56,999,749 Q1 Summary Income Statement: Q1 Q4 Q3 Q2 Q1 (US$) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue 8,553,373 8,105,512 7,907,812 7,508,547 6,596,009 Cost of Sales 5,569,382 4,477,048 4,272,868 4,243,714 4,565,310 Gross Profit 2,983,991 3,628,464 3,634,944 3,264,833 2,030,699 Gross Margin% 35 % 45 % 46 % 43 % 31 % Total Expenses 2,776,578 2,791,252 2,656,830 2,958,247 2,870,955 Income from Operations 207,413 837,212 978,114 306,586 (840,256) Income Tax Expense (825,500) (2,232,750) (722,800) (828,400) (367,700) Net Income (Loss) (755,098) (1,581,297) (130,941) (845,132) (1,412,172) Earnings (Loss) Per Share (0.01) (0.01) (0.00) (0.01) (0.01) About C21 Investments Inc.C21 Investments Inc. is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The Company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry-leading retail revenues with high-growth potential multi-market branded consumer packaged goods. The Company owns Silver State Relief and Silver State Cultivation in Nevada, including legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. Based in Vancouver, Canada, additional information on C21 can be found at and Cautionary Note Regarding Forward-Looking Information and Statements: This news release contains certain 'forward-looking information' within the meaning of applicable Canadian securities legislation and may constitute 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-Looking Statements'). Forward-Looking Statements in this news release include but are not limited to the Company's focus on actively pursuing additional accretive opportunities while maintaining its relentless focus on driving shareholder value and the Company's intention to refile amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024 in connection with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986. Such Forward-Looking Statements represent the Company's beliefs and expectations regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Forward-Looking Statements are based on assumptions, estimates, analyses and opinions of management of the Company at the time they were provided or made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including: achieving the anticipated results of the Company's strategic plans; and general economic, financial market, regulatory and political conditions in which the Company operates. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the Forward-Looking Statements in this news release. Such factors include, without limitation: risks and uncertainties arising from: the inability to effectively manage growth; inputs, suppliers and skilled labour being unavailable or available only at uneconomic costs; the adequacy of the Company's capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute the Company's business plan (either within the expected timeframe or at all); changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws generally and adverse future legislative and regulatory developments involving medical and recreational marijuana; the risks of operating in the marijuana industry in the United States, risks associated with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986 and those other risk factors discussed in the Company's 20F filing with the U.S. Securities and Exchange Commission, and the Company's latest annual information form and management's discussion and analysis as filed under the Company's profile on SEDAR+. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the Forward-Looking Statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Should assumptions underlying the Forward-Looking Statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Forward-Looking Statements contained in this news release are made as of the date of this news release, and the Company does not undertake to update any Forward-Looking Statements that are contained or referenced herein, except in accordance with applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cision Canada
a day ago
- Business
- Cision Canada
C21 Investments Reports First Quarter Financial Results
VANCOUVER, BC, July 31, 2025 /CNW/ - C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (" C21" or the " Company"), a vertically integrated cannabis company, today announced the filing of its interim financial statements and management discussion and analysis for its first quarter ending June 30, 2025, on SEDAR. The Company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (" GAAP"). All currency is reported in U.S. dollars. First Quarter Highlights (April 1, 2025 to June 30, 2025): Revenue of $8.6 million - up 30% year-over-year and up 6% sequentially – driven by continued same store sales growth across all dispensaries; State of Nevada sales were down 14% year-over-year and flat from the sequential comparative periods 1 Gross Margin of 35% - up 410 basis points year-over-year Income from Operations of $0.2 million – up $1 million from Q1 last year, driven by higher retail sales and lower SG&A costs Earnings (Loss) Per Share of ($0.01) – flat year-over-year, primarily impacted by Income Tax provisions; Net Income Before Tax of $0.1 million Adjusted EBITDA 2 of $1.1 million - up 244% from Q1 last year Free Cash Flow 2, before working capital changes and taxes, of $0.9 million; $0.8 million Income Tax paid in Q1 Retail Transaction Growth up 45% from the Q1 last year and 5% sequentially Purchased 184,500 common shares for cancellation pursuant to the NCIB Q1 Management and Operational Commentary: CEO and President, Sonny Newman: "30% revenue growth in Q1 underscores the soundness of our retail strategy and ability to deliver exceptional results in a challenging market. We are pleased with yet another quarter of robust same-store sales growth across all of our dispensaries. Our flagship Sparks store, celebrating its 10th anniversary as Nevada's first licensed dispensary, reported impressive results with a 5% increase in customer transactions quarter-over-quarter. Our South Reno location continues to outperform, achieving 120% same-store sales growth over its first full year of operations. Despite industry-wide price compression and the decline in overall Nevada state sales, we have delivered sequential revenue growth and another quarter of positive free cash flow. These results reflect the strength of our business model, the capabilities of our team, and focus on operational efficiency. Looking ahead, we remain committed to our long-term goal of sustainable growth." Q1 revenue of $8.6 million was up 30% over the previous year, despite a 14% decline in Nevada sales over the comparative period 1. Revenue was up 6% from the previous quarter. Increases were driven by same store sales growth in each of Silver State's three dispensaries as well as higher wholesale volume. Gross Margin of 35% in the first quarter was up 410 basis points year-over-year but down sequentially, impacted by seasonality around 4/20 discounts and an increase in wholesale activity. C21 reported Income from Operations of $0.2 million in the first quarter, up $1.0 million from the previous Q1 and down sequentially, primarily due to lower gross margin. SG&A costs were down 3% year-over-year and relatively flat sequentially despite the material increase in revenue. The Company reported a Net Loss of $0.8 million in the first quarter, or ($0.01) per share, versus a Net Loss of $1.4 million in the previous first quarter. Q1's Net Loss was primarily due to Income Tax provisions. The Company generated $0.1 million Net Income Before Tax for Q1. Q1 Adjusted EBITDA 2 was $1.1 million, up 244% from the previous Q1 but down sequentially. The increase in Adjusted EBITDA year-over-year was driven by the 30% increase in retail sales, improved gross margin, and lower SG&A costs. Q1 Free Cash Flow 2 before working capital changes was $0.9 million, up $1.0 million from the previous Q1 and down sequentially. Cash at the end of Q1 was flat from Q4 notwithstanding $0.8 million in Income Tax paid, a $0.3 million debenture principal repayment, and shares purchased for cancellation in the quarter. Based on legal interpretations and opinions that challenge its tax liability under Section 280E Internal Revenue Code of 1986, the Company has taken the position that it does not owe taxes attributable to the application of this Section of the Code. The Company plans on refiling amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024. Management exercises significant judgment when assessing the probability of successfully sustaining the Company's tax filing positions, and in determining whether a contingent tax liability should be recorded and, if so, estimating the amount. See disclosure of Risk Factors in the MD&A. Non-GAAP Measures: C21 reports its financial results in accordance with GAAP and uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. The Company refers to certain non-GAAP financial measures such as "Free Cash Flow", "Adjusted EBITDA" and "same store sales". These measures do not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company considers these measures to be an important indicator of the financial strength and performance of its business. The Company believes the adjusted results presented provide relevant and useful information for investors because they clarify the Company's actual operating performance, make it easier to compare the Company's results with those of other companies and allow investors to review performance in the same way as the management of the Company. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the Company's reported results as indicators of the Company's performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. "Free Cash Flow" is defined as Cash Provided by Operating Activities from Continuing Operations adding back income tax expense and before changes in working capital, minus capital expenditures. Management believes that Free Cash Flow, which measures our ability to generate cash from our continuing business operations, is an important financial measure for use in evaluating the Company's financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Q1 Free Cash Flow: " Adjusted EBITDA" is defined as EBITDA (earnings before depreciation and amortization, depreciation and interest in cost of sales, income taxes, and interest) less accretion, loss from discontinued operations, one-time transaction costs and all other non-cash items. The Company has presented "Adjusted EBITDA" because its management believes it is a useful measure for investors when assessing and considering the Company's continuing operations and prospects for the future. Furthermore, "Adjusted EBITDA" is a commonly used measurement in the financial community when evaluating the market value of similar companies. Q1 Adjusted EBITDA: Q1 Balance Sheet Summary: Q1 Summary Income Statement: Q1 Q4 Q3 Q2 Q1 (US$) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue 8,553,373 8,105,512 7,907,812 7,508,547 6,596,009 Cost of Sales 5,569,382 4,477,048 4,272,868 4,243,714 4,565,310 Gross Profit 2,983,991 3,628,464 3,634,944 3,264,833 2,030,699 Gross Margin% 35 % 45 % 46 % 43 % 31 % Total Expenses 2,776,578 2,791,252 2,656,830 2,958,247 2,870,955 Income from Operations 207,413 837,212 978,114 306,586 (840,256) Income Tax Expense (825,500) (2,232,750) (722,800) (828,400) (367,700) Net Income (Loss) (755,098) (1,581,297) (130,941) (845,132) (1,412,172) Earnings (Loss) Per Share (0.01) (0.01) (0.00) (0.01) (0.01) About C21 Investments Inc. C21 Investments Inc. is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The Company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry-leading retail revenues with high-growth potential multi-market branded consumer packaged goods. The Company owns Silver State Relief and Silver State Cultivation in Nevada, including legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. Based in Vancouver, Canada, additional information on C21 can be found at and Cautionary Note Regarding Forward-Looking Information and Statements: This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, " Forward-Looking Statements"). Forward-Looking Statements in this news release include but are not limited to the Company's focus on actively pursuing additional accretive opportunities while maintaining its relentless focus on driving shareholder value and the Company's intention to refile amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024 in connection with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986. Such Forward-Looking Statements represent the Company's beliefs and expectations regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Forward-Looking Statements are based on assumptions, estimates, analyses and opinions of management of the Company at the time they were provided or made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including: achieving the anticipated results of the Company's strategic plans; and general economic, financial market, regulatory and political conditions in which the Company operates. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the Forward-Looking Statements in this news release. Such factors include, without limitation: risks and uncertainties arising from: the inability to effectively manage growth; inputs, suppliers and skilled labour being unavailable or available only at uneconomic costs; the adequacy of the Company's capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute the Company's business plan (either within the expected timeframe or at all); changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws generally and adverse future legislative and regulatory developments involving medical and recreational marijuana; the risks of operating in the marijuana industry in the United States, risks associated with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986 and those other risk factors discussed in the Company's 20F filing with the U.S. Securities and Exchange Commission, and the Company's latest annual information form and management's discussion and analysis as filed under the Company's profile on SEDAR+. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the Forward-Looking Statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Should assumptions underlying the Forward-Looking Statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Forward-Looking Statements contained in this news release are made as of the date of this news release, and the Company does not undertake to update any Forward-Looking Statements that are contained or referenced herein, except in accordance with applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE C21 Investments Inc.
Time of India
a day ago
- Politics
- Time of India
Why is #SSCMisManagement trending on social media? Why are SSC students and teachers like Neetu mam protesting?
Thousands of SSC aspirants and popular teachers across India are protesting against the alleged mismanagement in the Staff Selection Commission (SSC) examination process. The students along with some popular teachers today organised a protest in Delhi after calling out a 'Delhi Chalo' protest. The unrest is linked to last-minute exam cancellations, poor management at centres, and allegations of abuse during the SSC Selection Post Phase 13 exam being held from July 24 to August 1, 2025. Students and teachers alleged that the police conducted a lathi charge while they were protesting at Jantar Mantar and the CGO Complex. Several videos have gone viral on social media in the last few hours. Why SSC students and teachers are protesting? A major reason behind the protest is the sudden cancellation of exams, including SSC Selection Post Phase 13, across various centres. Many candidates travelled long distances and spent money on travel and accommodation, only to find that their exams had been cancelled without notice. Explore courses from Top Institutes in Please select course: Select a Course Category — DrLaxman_Yadav (@DrLaxman_Yadav) Candidates have also reported several technical problems. These include system crashes, malfunctioning equipment, and wrongly allotted centres. The Commission's move to change the exam vendor is being linked to these disruptions. Students have claimed that the new vendor failed to deliver a fair and smooth examination experience. — Pushpendra_MP_ (@Pushpendra_MP_) A growing number of SSC aspirants are urging the Commission to revoke its contract with the exam conducting agency, pointing to past failures in various exams, including UPSC. With nearly 30 lakh candidates expected to appear in upcoming SSC exams such as those for Income Tax posts, students are raising serious concerns about the agency's ability to manage large-scale recruitment drives, especially when it has struggled with smaller exams. Many are demanding accountability and immediate action from authorities, warning that further delays could worsen the situation. 'Only a student knows how much even ten minutes matter in an exam,' said one candidate, while another added, 'Losing even a minute can make a big difference in a competitive test.' — Prajapat204 (@Prajapat204) Claims of mistreatment at exam centres Multiple videos and social media posts have went viral in the last few days with candidates alleging mistreatement at exam centres. Students have said they were manhandled by staff or security when they raised concerns about the exam conditions. These reports have added to public anger. — JaikyYadav16 (@JaikyYadav16) Live Events Students demand reforms and accountability Students and educators have called for an investigation into the SSC's handling of the exams. They are urging the government to step in, ensure fair processes, and rebuild trust in the recruitment system. Social media has become the main platform for aspirants to share their stories and organise protests. Hashtags like #SSC System Sudharo #SSCVendorFailure, #SSCMisManagement, and #JusticeForAspirants are trending across platforms. Many users are highlighting their financial loss, stress, and missed opportunities due to what they believe is SSC's continued mismanagement.
Time of India
a day ago
- Business
- Time of India
How jewellers quietly dodged over Rs 100 crores in taxes using FIFO-LIFO method
Indian jewellers are under scrutiny for potentially using the prohibited LIFO accounting method to underreport profits and evade taxes amidst soaring gold prices. The Income Tax department is cracking down, enforcing FIFO and weighted average cost methods, as mandated by ICDS II. Tired of too many ads? Remove Ads Why is this a big deal? Tired of too many ads? Remove Ads The gold price connection What experts say In the glittering world of gold, some jewellers have reportedly been playing a clever game, not with the jewellery, but with the accounting had earlier reported that the Income Tax (I-T) department found several jewellers may have switched their inventory method from FIFO (First In, First Out) to LIFO (Last In, First Out) to reduce their profits on paper and avoid paying higher taxes, especially as gold prices soared in recent FIFO, the older gold (bought at cheaper rates) is sold first. So, the remaining gold stock, now more expensive, gets recorded at a higher value. That makes the profits look bigger, and the tax bill bigger under LIFO, jewellers claim they sold the most recently bought gold first, which was more expensive. This leaves the older, cheaper stock behind in the books, lowering the value of the unsold inventory. Less value in stock means less profit on paper. Less profit means less Income Tax Act doesn't allow the LIFO method anymore. Since 2016-17, jewellers are only allowed to use FIFO or the 'weighted average cost' method under ICDS II (Income Computation and Disclosure Standards).One jewellery house, caught using LIFO, reportedly had to cough up nearly Rs 100 crore in taxes after the I-T department caught the difference in now the tax department is tightening its lens. Officials have been instructed to actively check inventory valuation methods wherever profits seem suspiciously gold prices jumping from Rs 31,000 in 2018 to nearly Rs 98,000 now, the temptation to fudge numbers seems to have grown stronger. And with central banks buying gold, global tensions, and post-COVID uncertainty driving up prices, jewellers may have seen this as an easy window to tweak their experts say this 'adjustment' doesn't create real profits, it only changes how and when profits are shown. And that's exactly what the taxmen are now Accountant Ashish Karundia told ET that while LIFO might seem like a clever workaround in a rising market, it clearly violates accounting norms under current rules. Courts too have upheld ICDS II, rejecting jewellers' pleas to allow LIFO Savla of KPB & Associates added that unless goods are unique or non-interchangeable, LIFO has no place in the jewellery trying to save a few crores may now find themselves explaining their books to tax officers. And with the I-T department now actively scanning records, the era of 'golden accounting loopholes' may soon come to an from ET Bureau
