News ArticleClean Max Subsidiary Surya Energy Secures Deletion of INR 621.52 Million Income Addition from A.Y. 2022-23 Tax Assessment
National Faceless Appeal Centre's November 2026 order overturns income additions and related tax liabilities, eliminating penalty threats for the listed company’s subsidiary
Clean Max Enviro Energy Solutions Limited's wholly owned subsidiary, Surya Energy Photo Voltaic India Private Limited, received a favorable appellate order from NFAC, deleting a proposed income addition of INR 621.52 million for Assessment Year 2022-23, removing the associated tax liability and penalties. This regulatory resolution indicates no adverse financial implication for the listed company.
Clean Max Enviro Energy Solutions Limited
Legal / Regulatory
Surya Energy Photo Voltaic India Private Limited, a wholly owned subsidiary of Clean Max Enviro Energy Solutions Limited, has successfully overturned an income addition of INR 621.52 million for Assessment Year 2022-23 through an appellate order issued by the National Faceless Appeal Centre (NFAC) on November 2, 2026.
The original assessment order, dated February 25, 2025, had proposed adding INR 621.52 million to Surya Energy's returned income, which would have resulted in a tax liability of INR 654.45 million, as well as the initiation of penalty proceedings under Sections 274 and 271AAC(1) of the Income Tax Act.
Following an appeal filed by Surya Energy, the NFAC – Commissioner of Income Tax (Appeals) issued an order on November 2, 2026, deleting the additions made to Surya Energy’s income. Consequently, the previously proposed tax and penalty demands have been nullified.
The appellate order confirms that Surya Energy fulfilled its obligations under Sections 68 and 69 of the Income Tax Act, and no violations were upheld by the authority. No penalties or sanctions have been imposed at this time.
As a result, the assessed income will be reduced to the originally returned figure of INR 11,506, significantly lowering Surya Energy’s tax liability for the fiscal year. The subsidiary is awaiting effect of the order by the Assessing Officer and will consider further actions in consultation with tax advisors if necessary.
Highlights
- Appellate order dated November 2, 2026, issued by NFAC for Assessment Year 2022-23
- Deletion of income additions totaling INR 621.52 million by NFAC – CIT(A)
- Original assessment proposed tax liability of INR 654.45 million with penalty proceedings initiated
- No financial or operational adverse impact on Clean Max or its subsidiary
- Surya Energy complied with applicable Income Tax Sections 68 and 69; penalty challenge dismissed as premature
Key Data Snapshot
What happened
- Surya Energy Photo Voltaic India Private Limited, Clean Max's wholly owned subsidiary, filed an appeal against an income tax assessment order for AY 2022-23.
- The original assessment added INR 621.52 million to income, resulting in a tax liability and penalty proceedings.
- The National Faceless Appeal Centre (NFAC) on November 2, 2026, issued an appellate order deleting the additions.
- This overturn nullifies the proposed tax liability and penalties.
- There was a stay of demand until December 30, 2026, granted earlier by the Principal Commissioner of Income Tax, Bengaluru-1.
Key details
- The appellate order references NFAC Order No. ITBA/NFAC/S/250/2026-27/1095104455(1).
- The appealed assessment order was under Sections 143(3) and 144B of the Income Tax Act.
- Surya Energy was assessed with total income of INR 62,15,23,254 versus the originally returned INR 11,506.
- Additions related to compliance under Sections 68 and 69 of the Income Tax Act.
- Penalty proceedings under Section 271AAC(1) were challenged as premature.
Regulatory and governance context
- Disclosure made under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 (Regulation 30).
- Order and communication align with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated 25 February 2025.
- No penalties or sanctions imposed as per appellate order.
- Surya Energy to await implementation of appellate order by Assessing Officer for further decisions.
Highlights
- Appellate order dated November 2, 2026, issued by NFAC for Assessment Year 2022-23
- Deletion of income additions totaling INR 621.52 million by NFAC – CIT(A)
- Original assessment proposed tax liability of INR 654.45 million with penalty proceedings initiated
- No financial or operational adverse impact on Clean Max or its subsidiary
- Surya Energy complied with applicable Income Tax Sections 68 and 69; penalty challenge dismissed as premature
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Regulation 30
- SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated 25 February 2025
- Income Tax Act, 1961 Sections 143(3), 144B, 250, 274, 271AAC(1), 68, 69
More News on Legal / Regulatory
View allLatest corporate announcements and market updates in Legal / Regulatory.
Dhoot Transmission Limited Confirms Full Utilization of Rs. 1400 Crore IPO Proceeds in Q2 FY27 as Per Monitoring Agency Report
Dhoot Transmission Limited has submitted the Monitoring Agency Report from CARE Ratings Limited for the quarter ended September 30, 2026, confirming that the Rs. 1400 crore fresh issue proceeds raised through its IPO have been fully and appropriately utilized according to the offer document.
Read Full Story
Fractal Analytics Utilizes Rs. 82.1 Crore of IPO Fresh Issue Proceeds in Q2 FY27, CARE Ratings Confirms
Fractal Analytics Limited has utilized Rs. 82.1 crore from its Rs. 1,023.5 crore IPO fresh issue proceeds during the quarter ended September 30, 2026, primarily for product development, marketing, and employee equipment, with no deviations reported by CARE Ratings, the appointed Monitoring Agency.
Read Full Story
CORONA Remedies Limited Receives ₹4.88 Crore Demand Notice from NPPA Alleging Pricing Violation
CORONA Remedies Limited announced that it received a demand notice from the National Pharmaceutical Pricing Authority (NPPA) dated November 3, 2026, alleging a violation of the Drugs (Prices Control) Order, 2013, with a total demand amounting to ₹4,87,97,160 including interest and penalty.
Read Full Story
