V-Guard Industries Receives Assessment Order from Income-tax Department

V-Guard Industries Ltd. has received an Assessment Order from the Assessment Unit, National Faceless Assessment Centre, Income-tax Department. The order, issued under section 143(3) r.w.s 144B of the Income-tax Act, 1961, assesses the taxable income of the Company for the Assessment Year 2023-24, adding the closing balance of provision for warranty amounting to INR 35,14,75,000. This results in an income-tax demand of INR 10,20,67,830, including applicable interest. The Company believes it has strong grounds to challenge the order and is in the process of filing an appeal before the Commissioner of Income-tax (Appeals). It is also evaluating to file a rectification application against the Assessment Order.