REFEX

REFEX INDUSTRIES — MADRAS HC QUASHES ₹35.67 CR TAX DEMAND ⚖️✅ • 🏛️ Madras High Court sets aside Income Tax assessment order for AY 2016-17 • 💸 Tax demand of ~₹3,567.22 lakh (~₹35.67 Cr) stands fully nullified • 📋 Original demand was raised by Dy. Commissioner of IT - Central Circle 3(4), Chennai (May 2023) • ⚠️ Company had challenged the order citing violation of natural justice (no reasonable hearing given as per Sec 144A) • 📅 HC order received by company on April 28, 2026 🟢 Impact: Positive (Removal of significant contingent liability + balance sheet relief)