Maruti Suzuki gets appeal effect order to Rs 238.72 crore tax demand notice

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.

Autocar Pro News Desk By Autocar Pro News Desk calendar 03 Apr 2024 Views icon4061 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Maruti Suzuki gets appeal effect order to Rs 238.72 crore tax demand notice

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.

RELATED ARTICLES
Sterling Tools wants 40% sales from EV biz by FY25

auther Autocar Pro News Desk calendar14 Apr 2024

This boost is expected from the EV business mix, a part of the company’s strategy to diversify its operations.

Driving EV business with agility and flexibility

auther Autocar Pro News Desk calendar14 Apr 2024

CEOs from the EV startup ecosystem met in Bengaluru and Pune to discuss the challenges and business opportunities.

'E-3wheelers not aspirational, but make money': Amit Singh, head, 3W division, Altigreen Propulsion Labs

auther Autocar Pro News Desk calendar14 Apr 2024

The challenges are more ground-driven in terms of the availability of electricity, and how to make it more economical, a...