Shree Cement Receives Draft Income Tax Assessment Order for FY23, Potential ₹149 Cr Demand
Shree Cement received a draft Income Tax Assessment Order for FY23 on March 31, 2026. The order proposes additions potentially leading to a demand of ₹149 Crores. The company believes it will not have a significant impact and plans to file objections.
A potential demand of ₹149 Crores, even if contested, represents a material financial figure that could impact the company's financial standing if the final order goes against them.
The company received a draft assessment order with a potential demand, but also stated that it is unlikely to have a major impact and that they plan to contest it.
Shree Cement Limited announced on April 1st, 2026, that it has received a draft Assessment Order under section 144C (1) of the Income Tax Act, 1961, from the Income Tax Authority on March 31st, 2026. This order pertains to the Financial Year 2022-23.
The draft order proposes disallowances and additions to the returned income as filed in the income tax return. Consequently, a likely demand of approximately ₹149 Crores (excluding any applicable interest) may arise upon the passing of the final order. The company noted that this potential demand could be adjusted against pending refunds due to Shree Cement.
Shree Cement, in consultation with its legal counsel, believes that this draft assessment order will not have a major impact on the financial, operational, or other activities of the company. The company is of the view that the disallowances made are not sustainable before the appellate authorities. The company plans to file objections against the draft assessment order, with the option to choose between filing objections to the Dispute Resolution Panel or an appeal before the Commissioner Appeals. The final demand will be determined only upon receipt of the final order.
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