Greenply Industries Limited has received a favorable order from the Ld. CIT(A) under section 250 of the Income-tax Act, 1961, dated January 31, 2024. The order held that excise duty exemption for the financial year 2012-13 was a capital receipt. Consequently, the company received an income-tax refund of ₹1,788.24 lakh and interest on this refund amounting to ₹786.70 lakh. As this amount pertained to the period prior to the demerger with Greenpanel Industries Limited, 50% of the refund (₹894.12 lakh) and interest thereon (₹393.35 lakh) were shared with Greenpanel Industries Limited, as per an agreement dated January 24, 2020. The Income-tax Department had filed an appeal against the order before the Hon’ble ITAT, Guwahati Bench on June 21, 2024. In a significant development, the Hon’ble ITAT, Guwahati Bench, vide its order dated December 15, 2025, dismissed the appeal filed by the Income-tax Department, thereby upholding the favorable order of the Ld. CIT(A) for Greenply Industries.