Harish Textile Engineers receives notice to reopen assessment for AY 2021-22
Harish Textile Engineers Limited received a Section 148 notice from the Income Tax Department to reopen its assessment for AY 2021-22. The company stated that the notice requires it to file its return of income within the prescribed timeline. Management confirmed that no tax demand has been raised yet and the financial impact is not ascertainable.
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Harish Textile Engineers Limited has received a notice to reopen its income tax assessment for Assessment Year 2021-22. The company disclosed that it received an order under Section 148A(3) and a consequential notice under Section 148 of the Income-tax Act, 1961 on June 30, 2026. The communications were issued by the Office of the Assistant Commissioner of Income Tax, Circle 2(1)(1), Mumbai.
The order under Section 148A(3) states that the case is fit for the issuance of a notice under Section 148 to reopen the assessment. Consequently, the notice under Section 148 requires the company to furnish its return of income for the specified assessment year within the prescribed timeline. This development follows previous disclosures made by the company on March 31, 2026, and June 18, 2026, regarding the proceedings under Section 148A(1).
The company clarified that no fresh violation or contravention has been alleged in the latest communication. It emphasized that the matter pertains to reassessment proceedings, and no tax demand, penalty, or liability has been raised or determined as of now. Therefore, the financial impact on the company is not currently ascertainable.
Harish Textile Engineers is currently reviewing the order and notice in consultation with its tax advisors. The management intends to take all necessary legal steps, including filing an appropriate response before the Income Tax Department within the stipulated timelines. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Details of the Tax Notice
| Particulars | Details |
|---|---|
| Authority | Income Tax Department, Office of the Assistant Commissioner of Income Tax, Circle 2(1)(1), Mumbai |
| Nature of Action | Order under Section 148A(3) deeming case fit for notice under Section 148; Notice under Section 148 issued to furnish return of income for AY 2021-22 |
| Date of Receipt | June 30, 2026 |
| Alleged Violations | No fresh violation or contravention alleged |
| Financial Impact | No financial impact ascertainable at this stage; no tax demand or penalty raised |
Historical Stock Returns for Harish Textile Engineers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.40% | +2.68% | +2.59% | +10.03% | 0.0% | +82.07% |
What is the estimated timeline for the Income Tax Department to finalize the reassessment and determine any potential tax liability?
How might the legal costs associated with contesting this reassessment impact Harish Textile Engineers' operational profitability in the coming quarters?
Could this reassessment trigger similar scrutiny for the company's financial records in subsequent assessment years?
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