Sharda Motor Industries Faces Rs 145.82 Crore Demand from Income Tax Department

Sharda Motor Industries Ltd. has received assessment orders and demand notices from the Deputy Commissioner of Income Tax, Central Circle 19, Delhi, under sections 147/143(3) of the Income Tax Act, 1961 for ten assessment years. The demand amounts to Rs 145.82 crores including interest. The company plans to file appeals against these orders with appellate authorities, asserting adequate factual and legal grounds to substantiate its position. It does not expect any material impact on its financials or operations due to the orders and is hopeful of a favorable outcome at the appellate level.