TVS Srichakra Faces Rs 29.47 Crore Income Tax Notice

TVS Srichakra Ltd faces a demand notice of Rs 29.47 crore from the income tax authority for under-reporting income for FY 2017-18. The company plans to appeal, citing that the notice lacks merit and discrepancies pointed out ignore their responses and case laws.

TVS Srichakra Ltd has been issued a Rs 29.47 crore demand notice by the income tax authority, alleging under-reporting of income for the financial year 2017-18. This demand notice includes tax and interest, with a penalty proposed for the purported shortcomings.

The Indian tyre manufacturer stated that the discrepancies identified by the tax authorities fail to account for the comprehensive responses and case laws the company has already submitted. As per the order, issued by the Assessing Officer of the Income Tax Office, the action pertains to the assessment year 2018-19.

Challenging the merit of the claim, TVS Srichakra has announced its intention to appeal against the decision with the Commissioner of Income Tax (Appeals) within a 30-day period. The company asserts that it does not foresee any substantial financial repercussions stemming from the notice.

(With inputs from agencies.)