BackMaruti Suzuki India gets ₹2,160-crore draft assessment order from Income Tax department
The company, in response to the order, said it will file its objections before the Dispute Resolution Panel.
PremiumAutomobile major Maruti Suzuki India on October 3 informed the stock exchanges that it has received a draft assessment order for pending dues amounting to ₹2,160 crore from the Income Tax department. The case pertains to the period of financial year 2019-20.
The company, in response to the order, said it will file its objections before the Dispute Resolution Panel.
“The company has received draft assessment order for the FY 2019-20 wherein certain additions/disallowances amounting to ₹21,597 million with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed," the annexure attached to the regulatory filing stated.
The order will have “no impact on financial, operation or other activities of the company", it further noted.
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Notably, a draft assessment order is issued by the taxation body after the assessment proceedings are completed against a firm. It includes details such as the total income or loss, tax payable or refundable, and other key details related to the period for which the proceedings were undertaken by the assessing officer.
The order, issued on October 3, comes a day after Maruti Suzuki India posted its highest ever monthly sales in September 2023. The company’s total wholesales last month increased by 2.8 percent on-year to 181,343 units from 176,306 units dispatched to dealers in the same month last year.
In the first quarter of FY24, the company registered a net profit of ₹2,525 crore, which was more than double as compared to ₹1,036 crore reported in the year-ago period. The total revenue from operations in Q1 increased to ₹32,338 crore from ₹26,512 crore in the corresponding period of the last fiscal.
Maruti Suzuki India's scrip settled at ₹10,340.90 apiece on the BSE in the trading session on October 3, down 2.46 percent as against the previous day's close.
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