Kesoram Industries Ltd Faces INR 70.54 Crore Demand in IT Assessment Order for AY 2024-25

Kesoram Industries Ltd has received an Income Tax Assessment Order under section 143(3) read with section 144B of the Income Tax Act, 1961, pertaining to AY 2024-25, raising a demand of INR 70.54 Crores. The tax authorities have made certain additions and disallowed certain deductions, including reasons for receipt of the communication. The communication is applicable for FY 2023-24 (AY 2024-25). The Company believes that it has strong factual and legal grounds to nullify the entire demand and is under the process of filing an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC), and a Writ Petition before the Hon’ble High Court against the said order within the prescribed timelines. The Company also intends to file a rectification application.