Stovec Industries Ltd. Receives Notice of Demand for Rs. 4 Crore from Income Tax Department

Stovec Industries Ltd. has received a notice of demand from the Income Tax Department under section 156 of the Income Tax Act, 1961. The notice is in relation to the Company's failure to deduct tax at source (TDS) under section 195 of the Income Tax Act, 1961 on the remittances made in respect of 'Acquisition of Service and Spares parts Business' for the Assessment Year 2020-21. The Department has directed the Company to deposit a sum of Rs. 4,02,42,222/- (Rupees Four Crore two lacs forty-two thousand two hundred and twenty-two only). The Company will file an appeal before the Appellate Authority under Section 246A of the Income Tax Act, 1961 against the demand notice within the stipulated time period.