CreditAccess Grameen Wins Big: Rs 46 Crore Tax Demand Fully Deleted in Landmark Appeal

Key Developments

• Original demand order of Rs 460.3 million issued March 18, 2024, by Income Tax Department under Section 143(3) for AY 2022-23
• ​Company filed appeal citing incorrect facts and assumptions, backed by tax expert advice
• ​Commissioner of Income Tax (Appeals) allows appeal in full, deleting entire demand with no liability
• ​Ruling eliminates financial overhang, strengthening balance sheet amid rural lending growth

CreditAccess Grameen, India's leading microfinance institution serving rural women through 1,967 branches across 16 states, receives this timely boost. The resolution avoids any provisioning or cash outflow impact. Investors welcome the clarity as the firm sustains portfolio expansion in group lending and digital products like MAHI app loans. This appellate victory underscores robust governance in NBFC MFI sector tax disputes.
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Sources: BSE (via InvestyWise), MarketScreener, Financial Express