CLEANMAXClean Max Enviro Energy Solutions Ltd.
Clean Max Enviro Energy Solutions unit's ₹62 crore tax additions deleted
- Legal
- renewable energy
Reviewed byKeshav SehgalBlacklitt Research
Clean Max Enviro Energy Solutions (NSE: CLEANMAX) has received an appellate order that deletes ₹62.15 crore of additions made to the returned income of its wholly owned subsidiary Surya Energy, it said in a filing on 03 Nov 2026. The company says the tax, penalty, fine or interest demanded under the order is nil.
Key highlights
- Additions deleted: ₹62.15 crore
- Tax demand under the order: Nil
- Stay of demand in place till 30 Dec 2026
- Appellate order dated 02 Nov 2026 for AY 2022-23
The order in numbers
| Item | Detail |
|---|---|
| Subsidiary | Surya Energy Photo Voltaic India Private Limited |
| Authority | NFAC, Commissioner of Income-tax (Appeals), Income Tax Department |
| Order date | 02 Nov 2026 under Section 250 of the IT Act |
| Assessment year | 2022-23 |
| Additions proposed in assessment order of 25 Feb 2025 | ₹62.15 crore |
| Tax liability resulting from the proposed addition | ₹65.45 crore |
| Additions deleted by the appellate order | ₹62.15 crore |
| Tax, penalty, fine or interest demanded under the order | Nil |
Additions deleted on appeal
The appellate order deletes the additions of ₹62.15 crore that the assessment order dated 25 Feb 2025 had made to the returned income of Surya Energy. The assessment order had proposed an addition of ₹62.15 crore and a tax liability of ₹65.45 crore, and had initiated penalty proceedings.
The NFAC CIT(A) held that Surya Energy discharged its onus under Sections 68 and 69 of the IT Act and found the Assessing Officer's allegations unsustainable. The total income assessed was ₹62.15 crore, against a returned income of ₹11,506 as printed in the filing.
The Principal Commissioner of Income Tax, Bengaluru-1 had granted a stay of demand till 30 Dec 2026 by an order dated 11 Sep 2026, before the appellate order was passed.
Penalty proceedings and next steps
The ground challenging the initiation of penalty proceedings under Section 271AAC(1) of the IT Act was dismissed as premature, since no penalty has been levied at this stage. The order imposes no penalty, restriction or sanction.
The company says no action will be taken by the listed company. Surya Energy will await the order giving effect to the appellate order from the Assessing Officer and will evaluate any further course of action, including on penalty proceedings, in consultation with its tax advisers.
What the order means for Clean Max's shareholders
The company says there is no adverse financial implication for the listed company or its subsidiary, and that the assessed income will be reduced once the Assessing Officer gives effect to the order. The filing does not say when that will happen, or whether the department may appeal the appellate order further.
The next dated step in the filing is the stay of demand, which runs till 30 Dec 2026.
Filed with NSE on . Reference: Original filing (PDF)
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