P N Gadgil Jewellers Limited has disclosed receipt of income tax assessment orders for three assessment years, with total demands of Rs. 6.55 crore. The Pune-based jewellery retailer received the orders dated March 30, 2026 from the Deputy Commissioner of Income Tax, Central Circle 1(3), Pune on March 31, 2026.

Assessment Orders Overview

The company received assessment orders under various sections of the Income Tax Act, 1961 for three consecutive assessment years:

Nature of Tax Demands

For assessment year 2021-22, the demand of Rs. 2.26 crore arose due to non-acceptance of deduction claims related to royalty expenses and additions under Section 69A of the Income Tax Act, 1961. The assessment order was issued under Section 143(3) read with Section 147.

The assessment year 2022-23 saw a demand of Rs. 2.29 crore, stemming from similar royalty expense issues, along with disallowances under Section 40(a) and additions under Section 69A. This order was also issued under Section 143(3) read with Section 147.

For assessment year 2023-24, the Rs. 2.00 crore demand resulted from non-acceptance of royalty expense deductions, disallowances under Section 40(a), and other additions under Section 37. This assessment order was issued under Section 143(3).

Company's Response and Position

P N Gadgil Jewellers has expressed confidence in challenging these demands, stating that the claims made against the company are not sustainable in law and are defendable based on the facts of the case. The company is in the process of filing appeals against all three assessment orders with the appropriate appellate authorities under the Income Tax Act, 1961.

Financial Impact Assessment

Based on its internal assessment, the company does not expect these communications to have any material financial impact. The management believes that the aforementioned adjustments are not sustainable in law and are defendable on the facts of the case.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided detailed information in compliance with SEBI Master Circular and Industry Standards note requirements, ensuring transparency with stakeholders regarding these regulatory communications.

P N Gadgil Jewellers Limited announced the opening of two new retail stores on March 29, 2026, expanding its footprint across Maharashtra. The jewellery retailer informed stock exchanges about this development under Regulation 30 of SEBI's listing requirements.

Store Opening Details

The company inaugurated two strategically located outlets on the same day, targeting key markets in Mumbai and Nashik regions.

Expanded Retail Network

With the addition of these two new outlets, P N Gadgil Jewellers has strengthened its retail presence significantly. The company's total store count now stands at 78 outlets, marking continued expansion across its operational geography.

The Mumbai store is situated at R Square Runwal on LBS Road in Mulund, a prominent commercial and residential hub. The second outlet opened at Livin Solitaire in Canada Corner, Nashik, tapping into the growing market demand in this Maharashtra city.

Strategic Market Positioning

The simultaneous opening of both stores demonstrates the company's systematic approach to retail expansion. By targeting established commercial complexes in Mumbai and Nashik, P N Gadgil Jewellers is positioning itself to capture footfall from both metropolitan and tier-2 city customers.

The company has maintained transparency with stakeholders by promptly informing both BSE and NSE about this business development, adhering to regulatory disclosure requirements.