Websol Energy Shares Skyrocket 14% on Winning Rs 73 Crore Income Tax Appeal 

Shares of Websol Energy System Ltd skyrocketed 14% on 24 December after the company emerged victorious in its income-tax appeal for the assessment year 2017–18. 

Websol Energy Systems has received major relief in an ongoing tax case for the financial year 2017–18 after the Commissioner of Income Tax (Appeals) in Kolkata ruled in the company’s favour.

Earlier, in March 2024, the tax officer had added Rs 184.99 crore to the company’s income under a special tax provision and disallowed expenses of Rs 1.51 crore. This led to a total tax demand of Rs 73.04 crore. Websol challenged this order by filing an appeal before the tax appellate authority.

After reviewing the company’s submissions, the appellate authority overturned the tax officer’s decision and decided the case in Websol’s favour.

As a result, Websol confirmed that the Rs 73.04 crore tax demand, which was earlier shown as a possible liability, is no longer payable. This removes a significant financial risk from the company’s books and improves its overall financial position.

At 3:25 pm, the shares of Websol Energy System were trading 9.81% higher at Rs 93.88 on NSE.

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