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.
Jtekt India Limited received an Assessment Order from the Income Tax Department for FY 2022-23, wherein additions/disallowances of INR 313.67 million were made on the returned income. A demand notice including interest of INR 137.36 million has been issued to the company. This assessment relates to the post-merger modified income tax return filed by the company following the merger of its subsidiary JTEKT Fuji Kiko Automotive India Limited, effective 01 April 2022. The company has also received a Show Cause Notice for initiation of penalty proceedings in connection with the Assessment Order. The company intends to file an appeal before the Commissioner of Income Tax (Appeals) against the additions/disallowances and states there is no impact on its financial, operational, or other activities.
While a tax demand of INR 137.36 million has been raised, the company claims no financial impact and plans to contest the order through appeal. The Show Cause Notice for penalties introduces some regulatory risk, though this is an income tax matter rather than a direct SEBI enforcement action.