Gujarat State Petronet has received a rectification order from the Assistant Commissioner of Income Tax, Gandhinagar Circle, reducing the assessed income for the assessment year 2024-25 to ₹1,435 crore from the previously determined ₹1,683 crore.
The rectification order, issued under section 154 of the Income Tax Act, 1961, was received by the company on 10th April 2026.
The rectification addresses the earlier order dated 23rd March 2026, which was issued under section 143(3) read with Section 144B of the Income Tax Act, 1961. The adjustment in the assessed income reflects a recalibration in the tax computation for the financial year 2023-24.
Despite the change in assessed income, Gujarat State Petronet has stated that the financial impact of this rectification will be nil. This suggests that the adjustment will not affect the company's financial, operational, or other activities in monetary terms.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).