Legal1 April 2026 at 01:51 pm
Orient Cement Ltd Receives Income Tax Order for AY 2023-24, Anticipates Reduced Demand
AI Summary
Orient Cement Ltd has received an order under section 143(3) read with section 144C(3) of the Income Tax Act, 1961 from the Income Tax Authority for the Assessment Year 2023– 24. The order is related to a demand of Rs. 52,40,34,900, mainly on account of Transfer Pricing Adjustment of Rs. 54,33,14,302. The Company believes the order is erroneous and intends to contest it by filing an appeal before the Income tax Appellate Authorities. The expected reduced demand, if the appeal is successful, is Rs. 3,19,81,466.
Key Highlights
- Order received under section 143(3) read with section 144C(3) of the Income Tax Act, 1961 for AY 2023-24
- Initial demand of Rs. 52,40,34,900 mainly due to Transfer Pricing Adjustment
- Company believes the order is erroneous and intends to contest it
- Expected reduced demand of Rs. 3,19,81,466 if the appeal is successful
- Company is taking appropriate steps to file an appeal before the competent authority