Intimation regarding receipt of Final Assessment order u/s 143(3) of the Income Tax Act, 1961 form the Income Tax Authority

Shree Cement has received a Final Assessment Order from the Assistant Commissioner of Income Tax, Central Circle, Ajmer, pertaining to Financial Year 2022-23. The order was passed under section 143(3) read with section 144C(3) of the Income Tax Act, 1961. A tax demand of Rs. 153.47 crores, including interest, has been raised due to certain disallowances made by the tax authority. This demand will be adjusted against pending refunds receivable by the company. The company states it is taking remedial actions under legal advice and expects the entire demand to subside based on favorable orders passed for preceding years.