Subsidiary's income tax reassessment proceedings set aside by Calcutta High Court
Calcutta High Court has set aside the Income Tax reassessment proceedings against Tega McNally Minerals Ltd, a wholly owned material subsidiary, for Assessment Year 2017-18.
By ScoutQuest · · 2 min read
- Tax demand including interest
- ~Rs 13.79 crore
- Assessment Year
- 2017-18
- Stated monetary impact
- None
What the update says
Tega McNally Minerals Limited (TMML), a wholly owned material subsidiary of the company, had shared a writ petition before the Hon'ble Calcutta High Court challenging the validity and maintainability of reassessment proceedings initiated by the Income Tax Department for Assessment Year 2017-18.
The matter pertained to the pre-NCLT period and involved a tax demand including interest amounting to ~Rs 13.79 crore.
The Court gave a favourable order on October 14, 2026 and, through a rectification order dated October 15, 2026, directed that the reassessment proceedings be set aside. TMML informed the company of this by email dated October 16, 2026.
What this means in simple terms
- A reassessment proceeding is the Income Tax Department reopening an earlier assessment year to examine the tax position again. Here it related to Assessment Year 2017-18.
- A writ petition is a petition shared before a High Court, here challenging the validity and maintainability of those proceedings.
- "Set aside" means the Court has quashed those proceedings. The company states the order is favourable to TMML.
- A rectification order dated October 15, 2026 clarified the order dated October 14, 2026.
Numbers stated in the update
- Tax demand including interest involved in the matter: ~Rs 13.79 crore.
- On impact on the financial, operational or other activities of the listed entity, quantifiable in monetary terms, the disclosure states: None.
- The company adds that the order is expected to support TMML's position in relation to similar matters.
Context
This intimation follows the company's earlier disclosure dated April 02, 2026 about the assessment order received by TMML from the Assistant Commissioner of Income Tax, Circle 1(1), Kolkata for Assessment Year 2017-18. The current update is an update on how that matter has progressed before the High Court.
What investors may note
Because TMML is a wholly owned material subsidiary, a development in its tax proceedings is relevant to the group. The update itself describes the outcome as favourable and the stated monetary impact as None.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and will also be hosted on the company's website.
Also from Tega Industries
Auditor certificate under Reg 169(5) of SEBI ICDR Regulations for preferential allotment of 4,78,435 equity shares
16 Oct 2026
4,78,435 equity shares allotted to a non-promoter entity on preferential basis at Rs. 1,994/- per share
15 Oct 2026
Inter-se gift transfer of 21,62,891 shares within promoter family; no change in control or management
13 Oct 2026
More numbers
- Tax demand including interest in the reassessment matterRs 13,78,92,170/-
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