Disclosure w.r.t. Order passed by Income Tax Authority
ULTRACEMCO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.1 pts more than Nifty 100 and 0.2 pts less than its Cement & Cement Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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UltraTech Cement received an assessment order from the Deputy Commissioner of Income-tax Central Circle, Mumbai for Assessment Year 2023-24, raising a tax demand of Rs. 808.78 crores including interest. The additions relate to tax holiday claims, transfer pricing adjustments, and ESOP expenses. The company has stated it has strong legal grounds to challenge the demand, noting that similar grounds have been favourably decided by appellate authorities in prior years. The company plans to file an appeal with the Commissioner of Income Tax (Appeals) within the prescribed timelines and does not expect any impact on its financial operations.
While the tax demand of Rs. 808.78 crore is significant, the company has indicated no expected financial impact as it intends to contest the order through appeals. The stock may see minor negative reaction due to the large demand amount, though the company's confidence in its legal position and history of favourable appellate decisions may limit downside.