Vedanta Gets Nearly Rs 1,300-Crore Tax Demand
The demand is based on disallowances and additions similar to those contested in previous years, the company said.
Vedanta Ltd. has received a tax demand of Rs 1,289.1 crore from the National Faceless Assessment Centre for the assessment year 2021.
The demand, which is based on disallowances and additions similar to those contested in previous years, has prompted the company to prepare for further legal technicalities.
The company plans to file an appeal and a corresponding stay application with the Income Tax Appellate Tribunal to contest the assessment order.
Vedanta's legal strategy is grounded in the precedent of favourable rulings from the ITAT on similar issues in past assessments.
These previous decisions have addressed the same disallowances and additions, providing a basis for the company's optimism. The company does not anticipate a material financial impact from the current assessment order, it said.
Shares of Vedanta Ltd. closed 0.35% lower at Rs 447.40, compared to a 0.09% gain in the NSE Nifty 50 on Tuesday.
