HMA Agro Industries Limited announced that the company including its subsidiary companies and promoters etc. has received orders from Income Tax authorities regarding Income Tax demand issued by Deputy Commissioner of Income Tax Central Circle, Agra. Order has been passed under Section 143(3) of the Income tax Act, 1961.

The demand of INR 1,747,198,105/- relates to the assessment year 19-20, 2020-21, 2021-22, 2022-23 and 2023-24. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: 15th April, 2024. The Company in its response to the show cause notice had clarified on the allegations along with supporting documents and judicial precedents, which appears to not have been appreciated by the authorities while passing the order.

The Company further wishes to clarify that it has not committed any violations or contraventions as alleged. It is understanding that the assessment process may result in certain disallowances of expenses and additions to income. The Company believes that it has a strong case to defend the matter before the relevant appellate authority and does not expect any financial impact on the Company.