Prism Johnson Wins ₹128.10 Crore Income Tax Refund After Successful Appeals

Mumbai, January 28, 2025 – Prism Johnson Limited (NSE: PRSMJOHNSN, BSE: 500338) has announced that it has received an income tax refund of ₹128.10 crore, following favorable rulings from the Commissioner of Income Tax (Appeals), Mumbai. The refund covers assessment years (AY) 2007-08, 2008-09, and 2010-11, and includes ₹58.92 crore as principal tax refund and ₹69.18 crore as interest.

Key Developments in Tax Appeal Case​

• Appeal Verdicts:
  • The CIT(A) ruled in favor of Prism Johnson on August 8, 2024, for AY 2007-08 and 2008-09.
  • A separate ruling was passed on August 19, 2024, for AY 2010-11.
• Refund Processing:
  • Following the ruling, Prism Johnson requested the Deputy Commissioner of Income Tax (DCIT), Central Circle-6(1), Mumbai, to process the refund on August 20 and August 26, 2024.
  • The Assistant Commissioner of Income Tax (ACIT) issued refund orders on November 18, 2024, which were received by the company via email on January 27, 2025.

Financial Implications & Future Considerations​

• ₹128.10 crore refund to be accounted for in Q3 FY25 financials.
• The company is evaluating the impact of the tax refund on its financial results for the quarter ended December 31, 2024.
• Further legal proceedings, if any, remain unclear, but the refund enhances Prism Johnson’s cash flow and financial flexibility.

Company Statement​

Prism Johnson confirmed that the refund process was in compliance with tax laws and that the impact on financial statements will be reviewed accordingly.

Investor Outlook​

This refund provides a significant financial boost to Prism Johnson, improving its liquidity position and earnings outlook for upcoming quarters. Investors will be closely monitoring the company’s capital allocation strategy following the receipt of the refund.