REFEX : CIT(A) PARTLY ALLOWS APPEAL, DELETES RS 36.4 L DEPRECIATION ADDITION

• CIT(A)-20 Chennai order dated October 14, 2026 partly allows Refex Industries' appeal for assessment year 2014-15 • Deletes in entirety the excess depreciation disallowance of ₹36.4 L (Rs 36,39,505) on alleged additions to transformers • Instead of confirming the long-term capital gains addition of ₹17.48 Cr (Rs 17,47,79,079), CIT(A) remanded it to the Assessing Officer for fresh quantification • Upholds validity of reassessment proceedings initiated under Section 147 • Original tax and interest demand of ₹8.21 Cr on assessed income of ₹17.84 Cr was earlier reduced to ₹7.51 Cr by a rectification order • Company evaluating the directions and may file a further appeal before the Income Tax Appellate Tribunal

Refex Industries Ltd

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