Carraro India Settles Tax Dispute With Income Tax Department

Carraro India Limited has informed the Exchange about a final assessment order and notice of demand received from the Income Tax Department. The Company has received a Final Assessment Order and Notice of Demand, from the faceless assessment unit of the income-tax department, under the provisions of Section 143(3) read with section 144C (3) and 144B of the Income-tax Act, 1961. The amount of contention has been settled downwards by the Income-tax department. The Company will file an appeal with the jurisdictional Commissioner of Income-tax (Appeals) of the Income-tax department, to contest the tax adjustments contained in the Final Assessment Order and Notice of Demand. The details of the events are provided in Annexure A.