Legal27 March 2026 at 03:08 pm
Crompton Greaves Consumer Electricals Ltd Receives Notice of Demand from Income Tax Department for AY 2024-25
AI Summary
Crompton Greaves Consumer Electricals Ltd has received a notice of demand under section 156 of the Income Tax Act 1961 from the office of the Assessment Unit, Income Tax Department, Mumbai, for the Assessment Year 2024-25. The total demand imposed is ₹ 42,60,90,820/- (Tax ₹ 34,53,31,204 and Interest - ₹ 8,07,59,616). The company expects a favourable outcome at the Appellate level and will file an appeal before the National Faceless Appeal Centre (‘NFAC’) within the timeline as prescribed under section 249 of the Act.
Key Highlights
- Notice of demand under section 156 of the Income Tax Act 1961 received from the office of the Assessment Unit, Income Tax Department, Mumbai
- Total demand of ₹ 42,60,90,820/- (Tax ₹ 34,53,31,204 and Interest - ₹ 8,07,59,616) for the Assessment Year 2024-25
- Company expects a favourable outcome at the Appellate level
- Company will file an appeal before the National Faceless Appeal Centre (‘NFAC’)
- Demand raised on account of various disallowances including ESOP expenses, provisions against warranty and after sale service expenses, depreciation on Intangible Assets, and payment to non-filers of Income tax Return