Goa Carbon secures Rs 61.60 lakh refund after tax rectification
Goa Carbon Limited has secured a refund of Rs 61,60,980 after the Bombay High Court recorded the passing of a Rectification Order by the Income Tax authorities. The order disposes of the company's application filed in 2012 regarding the implementation of Tribunal directions and the erroneous levy of interest. The company is now proceeding with formalities to receive the funds.
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Goa Carbon Limited has secured a refund of Rs 61,60,980 following an order by the Hon'ble Bombay High Court, Goa Bench, dated 13.07.2026. The order pertains to Writ Petition No. 446 of 2026, which the company withdrew after the Deputy Commissioner of Income Tax, Circle-1(1), Panaji, passed a Rectification Order dated 06.07.2026. This development resolves the company's long-standing application for rectification under Section 154 of the Income-tax Act, 1961, and ensures the return of funds erroneously levied as interest.
The company had originally filed a rectification application on 29.05.2012 before the Assistant Commissioner of Income Tax. The application sought to correct an Order Giving Effect dated 18.07.2011, arguing that it failed to implement binding directions from the Income Tax Appellate Tribunal order dated 18.03.2011. Additionally, the company contested the levy of interest under Section 234D of the Income-tax Act, 1961, which it stated was not applicable to its case. Despite follow-up representations in 2019 and 2025, the application remained undisposed of, prompting the company to approach the Bombay High Court.
During the hearing on 13.07.2026, the senior standing counsel for the Revenue placed the Rectification Order on record. This order disposed of the company's application and confirmed the refund amount. The Rectification Order was uploaded to the company's Income Tax Portal on 14.07.2026 at 8:15 PM, while the High Court's order was published on its website on 15.07.2026.
Goa Carbon is currently complying with the necessary formalities to obtain the refund amount. The disclosure was made to the exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Details of the Order
| Detail | Description |
|---|---|
| Court | Hon'ble Bombay High Court, Goa Bench |
| Writ Petition No. | 446 of 2026 |
| Rectification Order Date | 06.07.2026 |
| Refund Amount | Rs 61,60,980 |
| Relevant Section | Section 154 of the Income-tax Act, 1961 |
Historical Stock Returns for Goa Carbon
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.19% | -8.97% | -10.08% | -5.07% | -26.72% | -5.80% |
How will the receipt of this Rs 61.6 lakh refund impact Goa Carbon's liquidity and working capital position in the upcoming quarter?
Does the successful resolution of this 14-year-old tax dispute signal a potential shift in the company's strategy regarding other pending litigations?
Will the company utilize these funds for debt reduction or allocate them towards capital expenditure and expansion projects?
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