Automobile giant Maruti Suzuki India has received a notice of Rs 2160 crore from the Income Tax Department. Maruti Suzuki itself has given this information. Giving information about the notice to the stock exchange on Tuesday, October 3, it has said that it has received a draft assessment order from the Income Tax Department for the pending dues of Rs 2,160 crore. The special thing is that this matter pertains to the period of financial year 2019-20. At the same time, the company said in response to the order that it will register its objections before the dispute resolution panel.
In fact, the company has received a draft assessment order for the financial year 2019-20, in which certain additions/disallowances of Rs 21,597 million have been proposed in respect of returned income (income reported by the company in its income tax returns). The special thing is that information about this has been given in the attached regulatory filing. However, this order will not have any impact on the financial operations or other activities of the company.
Draft assessment order is issued
Typically, a draft assessment order is issued by the taxation body after the evaluation proceedings are completed against a firm. It includes the total income or loss, tax payable or refundable and other key details relating to the period for which the proceedings were conducted by the Assessing Officer.
closed at Rs 10,340.90 with a decline
The special thing is that this order issued on October 3 comes a day after Maruti Suzuki India recorded the highest ever monthly sales in September 2023. Last month, the company’s total wholesale sales increased by 2.8 percent year-on-year to 181,343 units. Whereas, the number of units shipped to dealers in the same time period last year was 176,306. At the same time, in the trading session of October 3, Maruti Suzuki India’s shares closed at Rs 10,340.90 on BSE with a decline of 2.46 percent compared to the previous day’s close.