Shree Cement has received the demand of Rs 261.88 crore from the income tax department in the assessment order, the company informed in a BSE filing.The assessment order was received on February 24, 2024 passed under section 143(3) of Income Tax Act, 1961, pertaining to AY 2021-22, wherein certain additions/disallowances have been made.The company has noticed prima facie errors i.e. ‘mistake apparent from record’, in the said order.
The company is in the process of filing an appeal against the disallowances made in the assessment order, as well as petition for rectification of the prima facie errors in the order. Looking to the precedence/orders of appellate authorities in our own cases and considering expected relief on petition for ratification of errors, the company expects that the entire demand to subside.
As such, there is no impact on financial, operations or other activities of the company.