Maruti Suzuki India Ltd (MSIL) on Friday informed stock exchanges that it received a favourable order from the Income Tax Appellate Tribunal (ITAT) pertaining to assessment years covering FY2010–11 to FY 2012–13.
The ITAT order largely allows Maruti’s appeals against certain additions and disallowances made by the Income Tax Department during the earlier assessment proceedings, the company said in its exchange filing.
The additions in question amounted to ₹1,039.7 crore, ₹2,346.7 crore, and ₹3,092.5 crore for the respective financial years.
The company clarified that while the order relates to past tax assessments, it will not have any impact on its current financials or operations.
“The tax impact of these additions will not affect the financials and will only impact the contingent liability of the company,” Maruti Suzuki said in its filing.
The automaker will now file an application before the jurisdictional Assessing Officer to give effect to the tribunal’s order.
Source #ET
