Shree Cement gets assessment order from Income Tax Department against demand of Rs 261.88 crore

New Delhi (Uttam Hindu News): Shree Cement has received an assessment order from the Income Tax Department against a demand of Rs 261.88 crore.

The company has received the assessment order dated February 24 passed under Section 143(3) of the Income Tax Act, 1961 relating to the assessment year 2021-22, in which certain additions/disallowances have been made.

“The company has found prima facie errors in the order i.e. ‘mistakes evident from record’,” Shree Cement said.

“The company is in the process of filing an appeal against the rejections made in the assessment order, as well as a petition for rectification of prima facie errors in the order,” the company said. We are looking and considering the priority/orders of the appellate authorities in our cases. Relief is expected on petition for confirmation of errors, with the company expecting the overall demand to be reduced. In such a situation, there will be no impact on the financial, operational or other activities of the company.”

Shree Cement said it will avail the recourse provided in the Income Tax Act against the demand of Rs 261.88 crore raised in the assessment order.

In an earlier regulatory filing on February 5, Shree Cement said the company had earlier informed the stock exchanges about the survey conducted by the Income Tax Department. The company officials gave full cooperation to the IT officials. Subsequently, the Income Tax Department sought answers from the company to its queries regarding the survey proceedings. The company has duly responded to this.

“A show cause notice was issued to the company in January, in which the company was asked to briefly explain its response to the inquiry,” Mr Cement said. There was no demand for deposit of tax in the notice. The company is in the process of preparing its response and said it will comply with the notice.”