Tax & Penalty7 May 2026, 04:04 pm
Jtekt India Receives ₹137.36 Million Income Tax Demand
AI Summary
Jtekt India Ltd. has received an Assessment Order from the Income Tax Department for FY 2022-23, which includes additions/disallowances of ₹313.67 million, leading to a demand of ₹137.36 million (including interest). The assessment follows the merger of JTEKT Fuji Kiko Automotive India Limited with Jtekt India, effective April 1, 2022. The company plans to appeal the order and has also received a show cause notice for penalty proceedings. Jtekt India believes the order will not impact its financial or operational activities.
Key Highlights
- Jtekt India received an Assessment Order for FY 2022-23 with a demand of ₹137.36 million.
- Additions/disallowances of ₹313.67 million were made to the returned income.
- The order follows the merger of JTEKT Fuji Kiko Automotive India Limited.
- Jtekt India will file an appeal against the additions/disallowances.
- A show cause notice for penalty proceedings has also been received.