Deepak Fertilisers Faces Rs 226.32 Crore Tax Demand

Deepak Fertilisers' subsidiary, Mahadhan AgriTech, has been issued a Rs 226.32 crore demand notice by the Income Tax Department for the assessment years 2017-18 and 2018-19. The company is appealing the penalty, confident they will overturn the decision. They recently faced a similar demand for prior years.

Deepak Fertilisers And Petrochemicals Corporation Ltd announced that its subsidiary, Mahadhan AgriTech Ltd, has received a hefty financial demand from the Income Tax Department.

The demand notice, totaling Rs 226.32 crore, pertains to the assessment years of 2017-18 and 2018-19. The notice was issued by the Assistant Commissioner of Income Tax-Central Circle, Mumbai.

The corporation plans to appeal the orders, asserting a strong belief that they will successfully contest the penalties levied under various sections of the Income Tax Act 1961. This follows a recent similar demand for Rs 252.52 crore for earlier years.

(With inputs from agencies.)