Rane (Madras) Ltd Faces Tax Demand of Rs. 3.12 Crores for AY 2023-24

Rane (Madras) Ltd has received an assessment order from the Assessment Unit, National Faceless Assessment Centre, Income Tax Department for AY 2023-24. The order includes a tax demand of Rs. 3.12 Crores (excluding applicable penalty) due to the disallowance of certain expenditures. The disallowed expenditures include Trademark fee expenditure of Rs. 10.37 crores and an upward adjustment of Rs. 2.60 crores in relation to the SBLC commission. The Company will be contesting the order before the appropriate authority / forum within the prescribed timelines.