Filmcity Media has informed that an order was passed by the Assessing Officer, i.e., Income Tax Officer, Ward 16(1)(2), Mumbai (referred to as ‘the AO’), u/s. 144 rws 147 of the Income Tax Act, 1961 (referred to as ‘the Act’) dated 03.10.2018 for the Assessment Year (AY) 2011-12 of Rs.7,00,00,000. In continuation to the above, the company has informed that a Commissioner (CIT) Appeal was filed by the Company with Income Tax Department, challenging the Order. The Hon’ble CIT(A) passed the order u/s 250 of the Act vide order dated 18.12.2024 deleting the addition made by the Ld. AO of Rs. 7,00,00,000 and consequentially deleting the demand of Rs.5,25,90,070. Further, the CIT(A) also deleted the penalty u/s 271(1)(c) of the Act of Rs. 2,32,52,250 vide order dated 18.12.2024.
The above information is a part of company’s filings submitted to BSE.
