Swastika Investmart Secures Partial Tax Relief as ITAT Quashes ₹78 Lakh Demand

Swastika Investmart Limited announced on April 2, 2026, that the Income Tax Appellate Tribunal (ITAT) has delivered a significant order. The tribunal quashed a ₹78.15 lakh tax demand for the financial year 2014-15.

The company received the ITAT order on March 12, 2026. This order effectively cancelled the ₹78.15 lakh demand raised under Section 143(3) for the assessment year 2014-15.

However, a separate tax demand of ₹50.50 lakh for the assessment year 2015-16, under Section 156, remains under review before the Commissioner of Income-tax (Appeals).

Swastika Investmart stated that these ongoing tax litigations do not materially impact its day-to-day operations or financial standing.

Impact of the Decision

This resolution clears a significant portion of past tax liabilities, reducing financial uncertainty for the company. While the ₹78.15 lakh demand is now resolved favorably, the pending ₹50.50 lakh demand represents a contingent liability that requires ongoing monitoring.

Past Regulatory Actions

Swastika Investmart, a fintech and financial services provider, has faced regulatory scrutiny previously. In February 2023, the Securities and Exchange Board of India (SEBI) fined the company ₹15 lakh for misutilizing client funds and securities. More recently, in November 2025, the National Stock Exchange (NSE) imposed a penalty of ₹1,50,000 on the company for operational non-compliances identified during an internal audit.

Ongoing Watchpoints

The primary focus for investors will be the outcome of the appeal concerning the pending ₹50.50 lakh tax demand for the assessment year 2015-16. Any further communications or orders from the Commissioner of Income-tax (Appeals) regarding this outstanding demand will be critical. Investors will also track the company's ongoing performance, management's commentary on operational stability and future growth, and its adherence to regulatory compliances following past penalties from SEBI and NSE.