Golden Tobacco, on Tuesday, announced that Income Tax Appellate Tribunal (ITAT), Mumbai quashed the CIT (appeal), orders in respect of the assessment year 1984-85 to 1986-87 to principal demand of Rs 33.14 crore. Furthermore, the related interest and penalty on this demand will not be payable.
Shares of Golden Tobacco soon after the announcement soared on an intraday basis. The stock witnessed a jumped by over 11% hitting a high of Rs 82 per share. The stock in a period of one year has delivered 109% returns and has outperformed the BSE Small Cap and BSE FMCG indices over the same time span. Golden Tobacco Limited is engaged in the manufacturing of cigarettes and cigars.
The company's segments are tobacco products, realty and others. In the domestic market, the company offers brands, such as Panama, Chancellor, Golden's and Steel.