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RBZ Jewellers Wins Major Tax Appeal; ₹26.17 Cr Addition Reduced by 99.78% to ₹5.65 Lakh
RBZ Jewellers has received a highly favorable order from the National Faceless Appeal Centre (NFAC) regarding a tax assessment for FY 2022-23. The original tax addition of INR 2,617.26 lakh has been substantially reduced to just INR 5.65 lakh, representing a 99.78% reduction in the disputed amount. This ruling effectively eliminates a significant potential tax liability that the company had been contesting since March 2025. The company expects no material financial impact from the remaining minor addition and may seek further legal recourse to contest the balance.
Key Highlights
Original Income Tax addition of INR 2,617.26 lakh for FY 2022-23 was successfully challenged.
The CIT(Appeal) order reduced the disputed addition by 99.78% to a mere INR 5.65 lakh.
The company confirmed that any consequential tax demand on the remaining amount will be immaterial.
No penalties, restrictions, or sanctions were imposed by the Income Tax Department in this order.
Management is consulting with advisors to potentially appeal the remaining INR 5.65 lakh addition.
👀 What to Watch
This is a significant positive development as it removes a major regulatory and financial overhang. Investors should take confidence in the company's successful resolution of this large contingent liability.
