Tata Consumer Products Ltd announced on June 29 that it has received a tax demand of ₹171.83 Crore from the Income Tax department for the assessment year 2019-20.
According to the regulatory filing, the company received an Assessment Order dated June 27, 2024, under section 143(3) read with section 144C(13) of the Income-tax Act, 1961.
The order proposed certain additions and disallowances regarding the returned income, resulting in the tax demand, which includes interest.
Tata Consumer Products Ltd believes this demand is unjustified and is planning to appeal and seek rectification of the order.
At the time of writing on July 1, 2024 shares of Tata Consumer Products Ltd are trading at ₹1089.45 which is a 0.73% dip from the previous close. The stock has gained a total of 26% in the last year, and a 0.87% gain since the beginning of the year.
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