SHREE CEMENT LIMITED has informed the Exchange regarding 'Company's disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 dated 28th May, 2025, informing about order u/s 143(3) of the Income Tax Act, 1961 for FY 21-22 raising demand of Rs. 588.65 Crs. In furtherance to the aforementioned disclosure, the Company desired to inform that the said order has now since rectified u/s 154 whereby the demand now stands reduced to Rs. 221.72 Crs'.
SHREECEM · price
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Shree Cement had earlier received an income tax assessment order for FY 2021-22 raising a demand of Rs. 588.65 crores. Following a rectification order under Section 154 of the Income Tax Act, the demand has now been reduced to Rs. 221.72 crores. The revised demand has been fully paid by adjusting it against pending tax refunds. The company has filed an appeal before the appellate authority and expects the demand to come down further based on favorable precedents in earlier years.
The reduction in the tax demand is positive for shareholders as it cuts the cash outflow by nearly Rs. 367 crores. Since the amount has already been adjusted against refunds, there is no additional cash impact, and further relief is possible through the ongoing appeal.