Shree Cement receives Income Tax demand of Rs 261 crore

Shree Cement Faces Rs 261.88 Crore Tax Demand

New Delhi, Feb 25 (IANS) Shree Cement has received an assessment order against the demand of Rs 261.88 crore from the Income Tax department. The assessment order was passed under section 143(3) of Income Tax Act, 1961, pertaining to AY 2021- 22, with certain additions/disallowances.

The company has identified prima facie errors in the order and is in the process of filing an appeal against the disallowances made, as well as a petition for rectification of the errors. Shree Cement expects the entire demand to subside based on past precedents and orders of Appellate Authorities.

Shree Cement stated, “There is no impact on financial, operations, or other activities of the company.” The company will avail recourse provided in the Income Tax Statute against the demand raised in the assessment order.

In a previous regulatory filing on February 5, Shree Cement had informed the Stock Exchanges about the survey conducted by the Income Tax Department. Company officials provided full cooperation during the survey and responded to queries from the authorities.

Following these proceedings, a show-cause notice was issued in January, requesting the company to summarize its response to the inquiry. Shree Cement is currently preparing its response and will comply with the notice.

The company remains focused on addressing the tax demand while ensuring compliance with the regulatory requirements.