Deepak Fertilisers & Petrochemicals Corp.’ subsidiary, Mahadhan AgriTech Ltd., received a tax demand notice of Rs 252.52 crore from the income tax authority of Mumbai for the assessment years 2015-16 and 2016-17.
The company has filed an appeal with the Income Tax Appellate Tribunal or ITAT, demanding to quash the penalty order dated March 28, according to an exchange filing on Sunday. It also claims that the order has no material impact on financials, operations or other activities of the firm.
As per the exchange filing, the relief granted for assessment year 2015-16 by Income Tax Appellate Tribunal has not been taken into cognisance while passing the penalty order and the appeal for AY 2016-17 is yet to be heard by ITAT.
Source from: https://www.ndtvprofit.com/business/deepak-fertilisers-unit-gets-rs-25252-crore-tax-demand-appeals-to-itat
