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Maruti Suzuki India Limited, one of the leading automobile manufacturers in the country, has disclosed the receipt of a draft assessment order from the Income Tax Authority for the financial year 2019-20. The draft assessment order amounts to a significant sum of Rs 2,159.70 crore, as indicated in a filing to the Bombay Stock Exchange (BSE).
The issuance of a draft assessment order is a standard procedure when the assessing officer identifies variances or discrepancies in the income or losses declared in the tax return submitted by the taxpayer. It serves as an invitation to the assessee to either accept or raise objections to the proposed adjustments.
Maruti Suzuki India Ltd acknowledged the draft assessment order in a statement, explaining that it pertains to the financial year 2019-20 and includes certain additions and disallowances totaling Rs 2,159.70 crore concerning the returned income, which represents the income disclosed by the company in its Income Tax return.
To address this development, Maruti Suzuki India Ltd has confirmed its intention to file objections with the Dispute Resolution Panel. Importantly, the company emphasized that this draft assessment order will not have an immediate impact on its financial, operational, or other activities.
While the receipt of such an assessment order may lead to a period of assessment and review, it does not imply wrongdoing on the part of the company. These assessments are part of routine tax compliance procedures conducted by tax authorities to ensure accurate reporting and adherence to tax regulations.
Maruti Suzuki, a prominent player in the Indian automotive industry, continues to be committed to its operations and will navigate the assessment process in accordance with the applicable regulations. This development does not affect its ongoing business activities or operations.
Sources By Agencies
