The automaker said it got an appeal effect order to the Income Tax Appellate Tribunal’s (ITAT) order and a show cause notice for initiation of penalty from the Income Tax authority.
03 Apr 2024 | 5228 Views | By Autocar Professional Bureau
India’s largest carmaker Maruti Suzuki received an appeal effect order to tax demand notice of Rs 238.72 crore for certain additions and disallowances in the financial year 2010. The automaker said it got an appeal effect order to the Income Tax Appellate Tribunal’s (ITAT) order and a show cause notice ...
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India’s largest carmaker Maruti Suzuki received an appeal effect order to tax demand notice of Rs 238.72 crore for certain additions and disallowances in the financial year 2010. The automaker said it got an appeal effect order to the Income Tax Appellate Tribunal’s (ITAT) order and a show cause notice for initiation of penalty from the Income Tax authority.
“The company has received a demand notice giving effect to the ITAT's order for FY 2009-10 wherein certain additions /disallowances have been made pursuant to which demand of Rs 2387.20 million has been raised on the company,” according to an exchange filing.
Maruti Suzuki said it would file an appeal before the CIT(Appeals) against this demand and penalty proceedings if any. The order will have no major impact company’s financial, operation, or other activities, the automaker noted.
In October 2023, Maruti Suzuki received a draft assessment order from the Income Tax department for 2019-20, amounting to Rs 2,159 crore.