TVS Srichakra Ltd Receives Rs 29.47 Crore Income Tax Demand, Plans to File Appeal:

TVS Srichakra Ltd Receives Rs 29.47 Crore Income Tax Demand, Plans to File Appeal TVS Srichakra Ltd, a leading Indian manufacturer and exporter specialising in two-wheeler, three-wheeler, and off-highway tyres, recently issued a disclosure to the stock exchange regarding the receipt of a demand worth Rs 29.47 crore. Background of the case The company stated that it has received a demand order of Rs 29,47,06,740, including tax and interest, from the Assessing Officer of the Income Tax Office regarding the disallowance for the financial year 2017-18.

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Key Details of the Case

Particulars	Details
Issuance Authority	(AO) Income Tax Office
Demand Amount	Rs 29,47,06,740 including tax and interest
Assessment Year	2018-19
Nature of Disallowance	Section 14A of Income Tax Act

Financial Impact The company said that it does not have any impact on its financial, operational or other activities.

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Company's Further Step The company further said it does not agree with the above demand. It is currently planning to file an appeal against the order with the CIT(A) within 30 days.