Mumbai: Automobile major Maruti Suzuki India has received a draft assessment order for pending dues amounting to ₹2,160 crore from the Income Tax department for the period of 2019-20 fiscal, the company stated this in a regulatory filing on Tuesday.
It, however, said that the company will file its objections before the Dispute Resolution Panel. “The company has received draft assessment order for the FY 2019-20 wherein certain additions/disallowances amounting to ₹21,597 million with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed,” the annexure attached to the regulatory filing stated.
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The company also said that there will be no bearing on its financial, operation or other activities due to the draft assessment, which was issued by the taxation body after the assessment proceedings are completed against a firm. It includes details such as the total income or loss, tax payable or refundable, and other key details related to the period for which the proceedings were undertaken by the assessing officer.
The Income Tax assessment report reached the Maruti Suzuki office, a day after the company posted its highest ever monthly sales in September 2023. “The company’s total wholesales last month increased by 2.8 percent on-year to 181,343 units from 176,306 units dispatched to dealers in the same month last year,” said an official.
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It was reported that the Maruti India had posted a net profit of ₹2,525 crore in the first quarter of FY24, which was more than double as compared to ₹1,036 crore reported in the year-ago period. The company’s share settled at ₹10,340.90 apiece on the BSE in the trading session on October 3, down 2.46% as against the previous day’s close.
