Classic Filaments Ltd Receives Demand Notice and Assessment Order from Income Tax Department for ¥ 1.98 Crore

Key Highlights

• Classic Filaments Ltd received a Demand Notice from the Income Tax Department, Surat under Section 156 of the Income Tax Act, 1961, amounting to ¥ 1.98 Crore.
• The company also received an Assessment Order under Section 147 read with Section 263 and 144B of the Income Tax Act, 1961.
• The dispute/litigation is currently under process.
• The company is taking requisite steps in regard to the Order.
• The impact of the Order depends upon the outcome of further proceedings including appeal to the higher authority and cannot be quantified as on date.