NewsNuvoco Vistas Gets Rectification Order Dropping Tax Demand of Rs.11.89 Crores for FY 2022-23Nuvoco Vistas Gets Rectification Order Dropping Tax Demand of Rs.11.89 Crores for FY 2022-23
Nuvoco Vistas Corporation received a rectification order from the Jurisdiction Assessing Officer, Mumbai, dropping a tax demand of Rs.11.89 crores for FY 2022-23. The order, received on May 11, 2026, was passed under Section 154 read with Section 143(3) of the Income Tax Act, 1961, following a rectification application filed by the company against an earlier Assessment Order that had proposed the demand due to certain disallowances.
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Nuvoco Vistas Corporation has received a rectification order from the Jurisdiction Assessing Officer, Mumbai, dropping a tax demand of Rs.11.89 crores pertaining to FY 2022-23. The order was received on May 11, 2026, and the disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Background of the Tax Dispute
The company had earlier received an Assessment Order for FY 2022-23 in which certain disallowances were made, resulting in a proposed demand of Rs.11.89 crores. In response, Nuvoco Vistas Corporation filed a rectification application before the Jurisdiction Assessing Officer against the said Assessment Order. The matter was being contested before the National Faceless Appeal Centre (NFAC), Delhi, with the Faceless Assessing Officer, Assessment Unit, Income Tax Department as the opposing party.
Details of the Rectification Order
The following table summarises the key details of the dispute and the rectification order as disclosed by the company:
| Parameter: | Details |
|---|---|
| Opposing Party: | Faceless Assessing Officer, Assessment Unit, Income Tax Department |
| Forum: | National Faceless Appeal Centre (NFAC), Delhi |
| Assessment Year: | FY 2022-23 |
| Demand Amount: | Rs.11.89 crores |
| Order Type: | Rectification Order under Section 154 read with Section 143(3) of the Income Tax Act, 1961 |
| Date of Receipt: | May 11, 2026 |
| Outcome: | Demand of Rs.11.89 crores dropped |
The Assessing Officer considered the rectification application filed by the company and passed the rectification order under Section 154 read with Section 143(3) of the Income Tax Act, 1961, dropping the demand of Rs.11.89 crores in its entirety. The disclosure was made by Shruta Sanghavi, SVP and Company Secretary, on May 12, 2026, and the information has been made available on the company's website at www.nuvoco.com .
Historical Stock Returns for Nuvoco Vistas Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.53% | +6.06% | +6.44% | -11.96% | -4.06% | -38.60% |
Are there any other pending tax disputes or assessment orders for different financial years that Nuvoco Vistas Corporation is currently contesting?
How might this favorable rectification outcome influence Nuvoco Vistas' strategy for handling future tax assessments and disallowances?
Could the dropped demand of Rs.11.89 crores have a measurable positive impact on Nuvoco Vistas' cash flow or balance sheet in the upcoming quarterly results?
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