Tax & Penalty6 May 2026, 07:31 pm
UltraTech Faces ₹808.78 Cr Tax Demand for Assessment Year 2023-24
AI Summary
UltraTech Cement Ltd has received an order from the Income Tax Authority, Mumbai, regarding assessment year 2023-24, resulting in a tax demand of ₹808.78 crores (including interest). The demand arises from additions/disallowances related to tax holiday claims, TP adjustment, and ESOP expenses. UltraTech Cement plans to appeal the order and believes it has strong legal grounds to nullify the demand, expecting no impact on its financial operations.
Key Highlights
- UltraTech Cement received an order for a tax demand of ₹808.78 crores.
- The demand relates to assessment year 2023-24 under Section 143(3) of the Income Tax Act.
- The company will file an appeal against the order before the Commissioner of Income Tax (appeals).
- UltraTech believes it has strong legal grounds to nullify the demand.
- The company does not expect any impact on its financial operations.