Harish Textile Engineers Receives Income Tax Notice for Assessment Year 2021-22
Harish Textile Engineers Limited received an Income Tax notice under Section 148A(1) for Assessment Year 2021-22 from Mumbai tax authorities on 30th March, 2026. The notice is based on GST Intelligence observations regarding compliance issues from January to March 2021, including delays in GST deposit and Input Tax Credit matters. The company must respond by 28th April, 2026, and is consulting tax advisors while noting no current financial impact as it remains a show cause notice.
*this image is generated using AI for illustrative purposes only.
Harish Textile Engineers Limited has disclosed receiving an Income Tax notice under Section 148A(1) for Assessment Year 2021-22, following observations by GST Intelligence regarding compliance matters from early 2021.
Notice Details and Timeline
The company received the notice from the Office of the Assistant Commissioner of Income Tax, Circle 2(1)(1), Mumbai, dated 30th March, 2026. The notice pertains to Assessment Year 2021-22, covering Financial Year 2020-21.
| Parameter: | Details |
|---|---|
| Issuing Authority: | Assistant Commissioner of Income Tax, Circle 2(1)(1), Mumbai |
| Notice Date: | 30th March, 2026 |
| Assessment Year: | 2021-22 (Financial Year 2020-21) |
| Response Deadline: | 28th April, 2026 |
GST Intelligence Observations
The notice stems from information received from the Directorate General of GST Intelligence (DGGI), Surat Zonal Unit. The observations relate to GST compliance for the period from January 2021 to March 2021, specifically regarding:
- Alleged irregularities in GST compliance
- Delay in deposit of GST collected
- Passing of Input Tax Credit to customers
The company has clarified that the GST liability for the said period was subsequently discharged.
Company Response and Next Steps
Harish Textile Engineers has been directed to submit its reply along with supporting documents through the Income Tax e-filing portal on or before 28th April, 2026. The company must explain why a notice under Section 148 of the Income-tax Act, 1961 should not be issued.
| Aspect: | Status |
|---|---|
| Current Stage: | Show cause notice received |
| Company Action: | Reviewing with tax advisors |
| Financial Impact: | Not ascertainable at present |
| Response Timeline: | By 28th April, 2026 |
The company is currently reviewing the notice in consultation with its tax advisors and will submit an appropriate response within the prescribed timeline. Management has emphasized that since this is only a show cause notice seeking explanation, no financial impact is ascertainable at this stage.
Regulatory Compliance
The disclosure has been made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed information as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023.
Historical Stock Returns for Harish Textile Engineers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -7.83% | +3.23% | -5.97% | +13.05% | -12.57% | +84.35% |
Could this Income Tax scrutiny trigger additional regulatory investigations into Harish Textile Engineers' compliance practices across other financial years?
How might potential penalties or reassessment impact the company's cash flow and working capital requirements in the textile sector?
Will this compliance issue affect Harish Textile Engineers' ability to secure new business contracts or banking facilities?
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