SHREE CEMENT LIMITED has informed the Exchange 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 FY 2022-23. The order determines a tax demand of Rs. 153.47 crores (including interest) due to certain disallowances made by the tax authority. This follows a draft assessment order passed earlier. The company states it will take remedial legal actions to protect its interests and expects the entire demand to subside based on favorable orders passed for preceding years by authorities and appellate forums.