Vaibhav Global Limited (VGL) announced on Monday, July 7, that it has received a favorable order from the Income Tax Appellate Tribunal (ITAT), Jaipur Bench, for assessment years 2020–21 and 2021–22, resulting in the deletion of significant tax demands raised earlier.
In a regulatory filing to NSE and BSE, the company stated that the ITAT order ruled in its favor on two key grounds:
-
Transfer Pricing adjustments, including methodology and notional interest on receivables.
-
Applicability of Section 115QA related to buy-back tax.
With this order, tax demands of approximately ₹91.81 crore for AY 2020–21 and ₹58.85 crore for AY 2021–22 — totaling around ₹150 crore — have been nullified.
The company clarified that there were no aberrations, non-compliances, penalties, or sanctions noted in the ITAT communication. The order does not impose any restrictions, and no further action is required from the company’s end.
Vaibhav Global emphasized that the information is true, complete, and in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, and the “Industry Standards Note.”
The disclosure was signed by Yashasvi Pareek, Company Secretary & Compliance Officer
