Greenply wins tax appeal, secures significant refund

Greenply Industries Limited has reported a positive development in its ongoing tax litigation, with the Income-tax Appellate Tribunal (ITAT), Guwahati Bench, dismissing an appeal filed by the Income-tax Department on December 15, 2025. This decision upholds an earlier favorable order from the commissioner of income tax (appeals) dated January 31, 2024, which had recognized excise duty exemption for financial year 2012-13 as a capital receipt.

As a result of this ruling, Greenply Industries received an income-tax refund of INR 1,788.24 lakh and interest on the income-tax refund amounting to INR 786.70 lakh. Due to a pre-existing agreement from January 24, 2020, related to a demerger involving Greenply Industries Limited and Greenpanel Industries Limited, 50% of this amount was shared with Greenpanel Industries Limited. This allocation included INR 894.12 lakh of the income-tax refund and INR 393.35 lakh of the interest.