New Delhi, Feb 29 (IANS): CG Power and Industrial Solutions has received a demand for Rs 188.78 crore from the Income Tax Department in respect of the assessment year 2022-23.
The company has received an assessment order dated February 27, 2024, received by the company on February 28, passed under 143(3) of the Income Tax Act, 1961, pertaining to the assessment year 2022-23.
“The company is in the process of filing an appeal against the disallowances/additions made in the assessment order, and also file an application for rectification of the mistakes apparent in the assessment order. The company believes that it has a fair chance of succeeding in the appeal and the disallowances/additions made will be deleted," said CG Power and Industrial Solutions.
The company’s share price closed at Rs 443.85, up by 3.75 per cent, on the BSE on Thursday. Its market capitalisation stands at Rs 67,789 crore.