Jtekt India Limited has informed the Exchange about General Updates
JTEKTINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Jtekt India Limited has received a Show Cause Notice from the Income Tax Department under Section 148A(1) of the Income Tax Act, 1961, for the financial year 2018-19. The notice relates to its former subsidiary JTEKT Sona Automotive India Limited (JSAI), which was merged with Jtekt India via an NCLT order dated March 7, 2019. The ITD has flagged transactions totalling about ₹11,492 million (~₹1,149 crore) — comprising reported turnover of ₹6,647 million, purchases of ₹4,843 million, and foreign remittances of ₹2 million — as allegedly having escaped assessment. The company has stated it will file its reply within the prescribed timeline. Importantly, the company clarifies that the notice does not impose any penalties or financial fines, and currently has no impact on financial, operational, or other activities.
This is a preliminary tax inquiry, not a demand order or penalty, so the immediate impact on the stock is likely limited. However, if the matter escalates into a substantial tax demand, it could affect future financials. Investors should keep an eye on further updates.