 "Lower fines, but more powers to assessing officers")
The income tax department has slapped a notice on Murugappa Group’s NBFC arm Cholamandalam Investment and Finance Company Limited demanding for Rs 212.64 crore.
The company said its tax assessment for assessment year 2009-10 has been reopened and the assessing officer has done a reassessment, rejecting the submission of the company against such a reassessment.
The company has received a demand notice for Rs 212.64 crores from the deputy commissioner of income tax for the AY 2009-10.
The above demand includes a sum of Rs 109.84 crores by way of tax and Rs 98.60 crore towards interest.
The company intends to contest the reassessment and also seek a stay of the demand. The company will intimate the outcome of the appeal in due course, company informed NSE.
