Styrenix Performance Materials gets ₹1.92 Cr income tax demand for FY24
- Styrenix Performance Materials received a ₹1.92 crore income tax demand for AY 2023-24
- The company stated the order has no significant effect on its financial status
- An appeal against the assessment order will be filed with Appellate Authorities
*this image is generated using AI for illustrative purposes only.
Styrenix Performance Materials received an income tax demand of ₹1.92 crore from the Assessment Unit, Income Tax Department, for the assessment year 2023-24. The company disclosed that the order does not have any material impact on its financial position or operations.
The demand was raised under Section 143(3) read with Section 144C(13) and Section 144B of the Income-tax Act, 1961. The order was received on September 24, 2026, and disclosed to stock exchanges on September 25, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Order details and regulatory compliance
The company stated it will file an appeal against the assessment order before the Appellate Authorities within the stipulated timeline. The disclosure was made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
| Particulars | Details |
|---|---|
| Authority | Assessment Unit, Income Tax Department |
| Nature of Action | Order u/s 143(3) r.w.s 144C(13) r.w.s 144B of Income-tax Act, 1961 |
| Assessment Year | 2023-24 |
| Demand Amount | ₹1,92,58,290 |
| Date of Receipt | September 24, 2026 |
| Impact on Company | No material impact on financial position or operations |
| Next Steps | Appeal to be filed with Appellate Authorities |
What the Numbers Show
The disclosed demand of ₹1.92 crore represents a specific statutory liability for the previous fiscal year. By explicitly stating there is no material impact on financials, the company signals that this amount is likely immaterial relative to its overall balance sheet size, though absolute financial figures were not provided in this specific disclosure.
Historical Stock Returns for Styrenix Performance Materials
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.02% | +0.05% | -0.45% | +8.16% | -15.60% | +53.54% |
How might the outcome of Styrenix's appeal influence investor sentiment regarding its governance and regulatory compliance standards?
Could this specific assessment trigger a broader pattern of income tax scrutiny for other companies in the performance materials sector?
What are the potential long-term financial implications if the appellate authorities uphold the demand despite the company's claim of immaterial impact?
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