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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
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Grovy India Ltd

Grovy India Ltd: ITAT partially allows appeal, deletes Rs. 1,00,00,000 tax addition

REGULATORY ▲ Positive Development LOW RISK
📅 Filed on BSE: 27 Oct 2026, 01:36 PM IST  ·  BSE ID: df51ee49-46d8-41aa-80b0-a740c419b34c
View Original BSE Filing (PDF)
💡
In Simple Terms
The tax tribunal ruled in favor of Grovy India, removing a Rs. 1 crore addition from its income assessment.
🤖 AI Summary
  • Income Tax Appellate Tribunal partly allowed Grovy India's appeal for AY 2020-21.
  • Rs. 1,00,00,000 tax addition concerning an unsecured loan was deleted by the Tribunal.
  • The Tribunal held that section 68 of the Income Tax Act, 1961 is not applicable.
  • This order is expected to reduce the tax demand previously raised against the company.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Addition under section 68 deleted by ITAT
1,00,00,000
Quantum of claims under section 115BBE (as per assessment order)
119.24 lakh
Assessment Year
2020-21
🏢 How This Affects the Company
📈
Business Impact
No impact on the operations of the Company.
💰
Financial Impact
The deletion of the addition of ₹1,00,00,000 is expected to reduce the tax demand raised.
⚠️
Risk Impact
Reduces the financial risk associated with the disputed tax demand.
👥 What This Means For Shareholders
✅
Action Required
No action is required from shareholders.
👤
Who Is Affected
All shareholders are affected by the reduced potential tax liability of the company.
🔍
Management Signal
The successful appeal outcome signals effective tax management and legal defense by the company's management.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
Status of remaining grounds (jurisdiction, penalty, interest) with ITAT.
Any communication from Income Tax Department regarding revised demand.
Future tax assessments and compliance strategies by the company.
LOW RISK Favorable tribunal order mitigates a specific tax litigation risk for the company.
💡 Investor Takeaway
Grovy India Limited's appeal against AY 2020-21 assessment was partly allowed by the ITAT, deleting a Rs. 1,00,00,000 addition under Section 68, impacting tax demand.
⚖️ Strengths & Concerns

✅ Positives

  • ITAT partly allowed appeal, deleting Rs. 1,00,00,000 addition under section 68 for AY 2020-21.
  • Company successfully discharged its onus on identity, creditworthiness, and genuineness of loan.
❓ Frequently Asked Questions
What was the outcome of Grovy India Ltd's appeal at the Income Tax Appellate Tribunal?
The Income Tax Appellate Tribunal partly allowed Grovy India's appeal for AY 2020-21 and deleted an addition of Rs. 1,00,00,000.
What was the specific addition deleted by the ITAT for Grovy India?
The ITAT deleted an addition of Rs. 1,00,00,000 made under section 68 of the Income Tax Act, 1961, concerning an unsecured loan.
What is the expected financial impact of the ITAT order on Grovy India?
The deletion of the Rs. 1,00,00,000 addition is expected to reduce the tax demand previously raised against the company.
What is the assessment year for the ITAT order concerning Grovy India?
The ITAT order pertains to Assessment Year 2020-21.

Questions based on this BSE filing only. For information purposes.

⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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