JTEKTINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
JTEKT India Limited received an Assessment Order from the Income Tax Department for FY 2022-23, following the merger of its subsidiary JTEKT Fuji Kiko Automotive India Limited with the holding company (effective 1 April 2022). The department has made additions/disallowances of INR 313.67 million to the returned income, resulting in a tax demand notice of INR 137.36 million (including interest). The company has also received a separate Show Cause Notice for initiation of penalty proceedings. The company intends to file an appeal against the order before the Commissioner of Income Tax (Appeals). Management states there is no impact on the financial, operational or other activities of the company.
While the demand stands at INR 137.36 million, the company has disputed the additions and plans to appeal, and management does not expect any material financial or operational disruption at this stage.