1. Income-Tax Dept slaps notice on Cholamandalam Investment & Finance

Income-Tax Dept slaps notice on Cholamandalam Investment & Finance

Murugappa Group firm Cholamandalam Investment and Finance Company has received a notice from the Income-Tax Department on filing of tax between 2009-10.

By: | Published: April 6, 2016 9:55 PM

Murugappa Group firm Cholamandalam Investment and Finance Company has received a notice from the Income-Tax Department on filing of tax between 2009-10.

“..the Company’s tax assessment for the 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 city-based company said in a BSE notification.

“The Company has received a demand notice under Section 156 of the Income Tax Act, 1961 for Rs 212.64 crore from the Deputy Commissioner of Income Tax, Corporate Circle, Chennai for the Assessment Year 2009-10”, it said.

“The above demand includes a sum of Rs 109.84 crore by way of tax and Rs 98.60 crore towards interest”, it said.

The company would contest the reassessment and seek a stay of the demand, it said.

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