Tyre maker TVS Srichakra Ltd on Thursday said it has received a demand notice of Rs 29.47 crore, including tax and interest, from the income tax authority under a disallowance provision with a penalty proposed for under-reporting of income.
An order has been issued by the Assessing Officer of the Income Tax Office dated March 26, 2026, regarding disallowance for FY 2017-18 (AY 2018-19), TVS Srichakra Ltd said in a regulatory filing.
The total demand raised amounts to Rs 29,47,06,740, including tax and interest. Penalty proceedings have been proposed for under-reporting of income, it added.
The company said it does not expect any material financial implications, as it believes the demand notice lacks merit.
“The discrepancies pointed out by the authority do not consider the detailed responses and case laws already submitted by the company,” it said.
Further, TVS Srichakra said it intends to file an appeal against the order with the Commissioner of Income Tax (Appeals) within 30 days, contesting the demand notice.
Source from: https://money.rediff.com/news/market/tvs-srichakra-gets-income-tax-demand-notice/44257820260326
