Prag Bosimi Synthetics Ltd Receives Demand Notice from Income Tax Department for Assessment Year 2022-23

Prag Bosimi Synthetics Ltd has received a demand notice under Section 156 of the Income Tax Act from the Income Tax Department, Office of the Income Tax Officer, Assessment Unit. The notice is in connection with the assessment year 2022-23. The demand appears to have arisen on account of certain calculation differences and/or apparent discrepancies between the assessment made by the Income Tax Department and the income computations filed by the Company. The Company believes that the demand includes elements arising from calculation inconsistencies and is in the process of reviewing the same. The financial implication to the extent of ₹1,12,33,520/- is subject to outcome of further proceedings/appeal. The Company is in the process of reviewing the notice and intends to take appropriate steps, including filing an appeal before the appropriate authority within the prescribed timelines.