Hindustan Zinc gets tax demand of Rs 1,170 cr for AY21, co to file appeal
Hindustan Zinc received a demand of Rs 1,170 crore inclusive of tax and interest from the Income Tax Department for AY21, it said in a stock exchange intimation on Tuesday.
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The demand, sent by the Assessment Unit, Income Tax Department- National Faceless Assessment Centre, is unlikely to have a material financial impact, Hindustan Zinc said. The department's tax demand was based on identical disallowances and additions imposed in previous years in which the miner secured favourable orders from the Income Tax Appellate Tribunal.
«The demand raised by NFAC is based on identical disallowances and additions as in earlier years. The company has already received favourable orders from Income Tax Appellate Tribunal on these identical issues in the past years,» the company said.
Hindustan Zinc will file an appeal and corresponding stay application with the Income Tax Appellate Tribunal against the assessment order within the prescribed timeline, it added.
It hopes for a positive resolution in this case given the favourable outcomes of previous appeals in identical issues.
The NFAC last week served Hindustan Zinc a notice with a demand of Rs 1,884 crore for AY14.
The company said this demand arose because the NFAC did not consider the amount paid towards pre-paid taxes/ taxes paid under Regular Assessment by the company and allegedly
