Held on 14 February 2018
The Board of Ushdev International at its meeting held on 14 February 2018 has noted the following -Due to non receipt of NOC from the lenders and withdrawal of expression of interest by the purchaser, the business transfer agreement executed for slump sale of 19.5 MW wind power undertakings of the company located at Tamil Nadu, Karnataka and Maharashtra stands cancelled.
The Commissioner of Income Tax (Appeals) vide its order dated 29 December 2017 has partially allowed the appeal filed by the company against notice of demand dated 20 October 2016 pertaining to assessment year 2009-10, 2010-11 and 2012-13. Accordingly, the income tax demand stands decreased from Rs 276.28 crore to Rs 25.78 crore which is subject to further rectification as the direction of CIT (Appeals) was not considered fully by AO. Further, the company is in process of filling appeal before ITAT against balance amount of tax demand.
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