The Deputy Commissioner of Income Tax (DCIT) has filed an appeal with the Income Tax Appellate Tribunal (ITAT) against Kalpataru Limited for the Assessment Year 2022-23. The appeal challenges an order passed by the Commissioner of Income Tax (Appeals) under Section 250 of the Income Tax Act, 1961, which had granted partial relief to the company involving a tax impact of ₹237.68 lacs, excluding applicable interest.

Kalpataru Limited received intimation regarding the filing of this appeal on June 17, 2026, at 5:15 p.m. The company stated that it intends to defend the appeal and remains hopeful of a favorable outcome. The appeal was filed by the DCIT under Section 253 of the Income Tax Act, 1961.

In a previous disclosure dated March 25, 2026, the company informed the exchanges that the CIT(A) had issued orders for assessment years 2019-20, 2020-21, 2021-22, 2022-23, and 2023-24. The recent filing specifically targets the relief granted for the Assessment Year 2022-23.

The disclosure was made to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information was simultaneously disseminated on the company's website.

Kalpataru Limited has withdrawn the Scheme of Arrangement for the demerger of Project Magnus from its wholly owned subsidiary, Kalpataru Properties Limited. The Executive Committee of the Board approved the withdrawal on June 2, 2026, after determining that the benefit envisaged from the scheme is no longer relevant. The company stated that this withdrawal has no financial impact on Kalpataru Limited or Kalpataru Properties Limited.

The Board of Directors had initially approved the demerger on January 22, 2024. The scheme involved the transfer of the Demerged Undertaking, specifically Project Magnus situated at Bandra East, Mumbai, from Kalpataru Properties Limited to Kalpataru Limited. The arrangement was to be executed on a going concern basis, with the Appointed Date set as April 1, 2024, subject to approval by the Hon'ble National Company Law Tribunal, Mumbai.

Following the board's approval, the scheme was filed with the Hon'ble National Company Law Tribunal, Mumbai on September 30, 2024. The proposed arrangement was structured under Sections 230 to 232 of the Companies Act, 2013. The Executive Committee utilized the authority granted by the Board to review and subsequently withdraw the filing.

Key Details of the Withdrawn Scheme

The decision to withdraw was taken during the Executive Committee meeting held on June 2, 2026, which concluded at 06:30 p.m. The information has been disseminated on the company's official website.