Share price of S H Kelkar & Company rose 4 percent intraday Friday after company’s subsidiary appealed against I-T department’s order of tax demand.
Keva Fragrances, a wholly owned subsidiary of the company has received an assessment order under Section 143(3) of the Income Tax Act, 1961 for the Assessment Year 2016-17 with a demand of Rs 137.95 crores including interest.
The company has been advised that the said order is not tenable under law and there is reasonable certainty of the order being quashed by appellate authorities.
Keva Fragrances has filed an appeal contesting the assessment made by the Assessing Officer and has also filed for stay of demand.
At 14:32 hrs S H Kelkar & Company was quoting at Rs 181.15, up Rs 3.10, or 1.74 percent on the BSE.