Prakash Steelage Ltd. Faces Rs. 49.29 Crore Tax Demand Under Income Tax Act, 1961

Prakash Steelage Ltd. has received a tax demand order under Section 156 of the Income Tax Act, 1961, following an assessment order under Section 143(3) read with 1448 of the Act by the Income Tax Department, Faceless Assessment Unit. The demand, which amounts to Rs. 49.29 crore, includes applicable interest and results from disallowances of certain expenditure/deductions claimed in the scrutiny assessment for AY 2024-25. The company is preparing to file an appeal before the Higher Appellate Forums, believing they have adequate factual and legal grounds to substantiate their position and expect the demand to be deleted.