IL&FS Investment Managers Ltd

The NCLT based on a petition by Infrastructure Leasing and Financial Services Limited vide its Order dated April 26, 2019, granted its exemption to ILandFS and its Group Companies from appointing Independent Directors and Woman Directors on the Board of ILandFS and its group companies. In view of the same the Company is unable to appoint Independent Director on the Board of the unlisted material subsidairy companies

The Learned AO, has passed the assessment order under section 143(3) dated 26 March 2026 in the case of IL&FS InvestmentManagers Limited for AY 2023-24. The Company filed its return of income on 27 November 2023 declaring NIL income and claiming a refund of TDS of Rs. 2,61,24,580. However,the company had undergone the scheme of amalgamation with IAAL and IAIML vide NCLT order dated 26 July 2024 with effect from 1 April 2022. Pursuant to the said order the company filed updated return under section 170A for the captioned AY on 27 November 2024claiming a refund of Rs. 2,71,29,310. The company has already received a refund of Rs. 2,58,61,220 including interest u/s 244A of Rs. 11,13,668. The Learned AO issued several notices under section 142(1) of which responses were duly served. Also, the Learned AO had issued a show cause notice dated 16 March 2026 of which reply was made on 20 March 2026. The Learned AO has accepted our submissions made in response to SCN and has not made any additions to income except claim made towards asset written-off of Rs 2.03 lacs and assessed the total income at Rs. NIL after allowing set-off of the CY business loss and deduction claimed under section 80M. However, while computing net tax payable, the Learned AO has allowed short credit of TDS by Rs. 16,61,726 and not granted self-assessment tax paid of Rs. 7,20,000,consequently short grant of interest u/s 244A. Asset written off is capital in nature and hence not allowable as expense while computing business income. The Learned AO has also initiated penalty under section 270A of the Act. The company is in the process of filing Appeal before CIT(A).

The Learned AO, has passed the assessment order under section 143(3) dated 26 March 2026 in the case of IL&FS InvestmentManagers Limited for AY 2023-24. The Company filed its return of income on 27 November 2023 declaring NIL income and claiming a refund of TDS of Rs. 2,61,24,580. However,the company had undergone the scheme of amalgamation with IAAL and IAIML vide NCLT order dated 26 July 2024 with effect from 1 April 2022. Pursuant to the said order the company filed updated return under section 170A for the captioned AY on 27 November 2024claiming a refund of Rs. 2,71,29,310. The company has already received a refund of Rs. 2,58,61,220 including interest u/s 244A of Rs. 11,13,668. The Learned AO issued several notices under section 142(1) of which responses were duly served. Also, the Learned AO had issued a show cause notice dated 16 March 2026 of which reply was made on 20 March 2026. The Learned AO has accepted our submissions made in response to SCN and has not made any additions to income except claim made towards asset written-off of Rs 2.03 lacs and assessed the total income at Rs. NIL after allowing set-off of the CY business loss and deduction claimed under section 80M. However, while computing net tax payable, the Learned AO has allowed short credit of TDS by Rs. 16,61,726 and not granted self-assessment tax paid of Rs. 7,20,000,consequently short grant of interest u/s 244A. Asset written off is capital in nature and hence not allowable as expense while computing business income. The Learned AO has also initiated penalty under section 270A of the Act. The company is in the process of filing Appeal before CIT(A).

The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A. Appeal on the said matters filed before the CIT(A) and the same is pending for disposal.

The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A. Appeal on the said matters filed before the CIT(A) and the same is pending for disposal.

Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215. The Company has filed an appeal dated 01-04-2026 before the Appellate Authority

Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215. The Company has filed an appeal dated 01-04-2026 before the Appellate Authority

1.Short grant of TDS of Rs. 16,61,726. 2.Non-grant of self-assessment tax paid of Rs. 7,20,000 3.Short - grant of Interest under section 244A of the Act

The learned AO erred while passing the final assessment order for AY 2023-24:- 1.Short grant of TDS of Rs. 16,61,726. 2.Non-grant of self-assessment tax paid of Rs. 7,20,000 3.Short - grant of Interest under section 244A of the Act

The Learned AO, has passed the assessment order under section 143(3) dated 26 March 2026 in the case of IL&FS InvestmentManagers Limited for AY 2023-24. The Company filed its return of income on 27 November 2023 declaring NIL income and claiming a refund of TDS of Rs. 2,61,24,580. However,the company had undergone the scheme of amalgamation with IAAL and IAIML vide NCLT order dated 26 July 2024 with effect from 1 April 2022. Pursuant to the said order the company filed updated return under section 170A for the captioned AY on 27 November 2024claiming a refund of Rs. 2,71,29,310. The company has already received a refund of Rs. 2,58,61,220 including interest u/s 244A of Rs. 11,13,668. The Learned AO issued several notices under section 142(1) of which responses were duly served. Also, the Learned AO had issued a show cause notice dated 16 March 2026 of which reply was made on 20 March 2026. The Learned AO has accepted our submissions made in response to SCN and has not made any additions to income except claim made towards asset written-off of Rs 2.03 lacs and assessed the total income at Rs. NIL after allowing set-off of the CY business loss and deduction claimed under section 80M. However, while computing net tax payable, the Learned AO has allowed short credit of TDS by Rs. 16,61,726 and not granted self-assessment tax paid of Rs. 7,20,000,consequently short grant of interest u/s 244A. Asset written off is capital in nature and hence not allowable as expense while computing business income. The Learned AO has also initiated penalty under section 270A of the Act. The company is in the process of filing Appeal before CIT(A).

1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A.

The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A Appeal on the said matters filed before the CIT(A)

The learned AO erred while passing the final assessment order for AY 2018-2019:- 1. Disallowance of Rs. 6,90,824 made by AO on Account of Section 14A 2. Disallowance of deduction claimed u/s 80G 3.Levy of fees for default in furnishing the return u/s 234F 4.Short Grant of interst u/s244(1)(a) 5.Initiation of penalty proceedings under section 270A. Appeal on the said matters filed before the CIT(A) and the same is pending for disposal.

Order dated 18-11-2025 in respect of GST for FY 2021-2022. Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215.

Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2A or 8A of GSTR 9. IGST Rs. 2077493, CGST Rs. 115861, SGST Rs. 115861, Total GST Rs. 2309215. The Company has filed an appeal dated 01-04-2026 before the Appellate Authority