UltraTech Cement Limited on Wednesday said it has received an income tax assessment order raising a demand of ₹808.78 crore, including interest, for the assessment year 2023–24.
“The Company has received an assessment order under Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2023-24, having a tax demand of Rs. 808.78 crores (including interest),” UltraTech Cement said in its exchange filing
In a regulatory filing, the company said the order was passed by the Deputy Commissioner of Income-tax, Central Circle, Mumbai 1(4) under Section 143(3) of the Income-tax Act, 1961.
The tax demand arises from certain additions and disallowances made by the assessing officer, including on account of tax holiday claims, transfer pricing adjustments and employee stock option (ESOP) expenses, the company said.
UltraTech Cement said it believes it has strong legal grounds to contest the entire demand, noting that most of the issues raised in the order are covered by favourable rulings from appellate authorities in its own cases for earlier years.
The company said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals) within the prescribed timelines and does not expect any impact on its financial operations.
