There has been no demand for tax deposition from the Income Tax department, Shree Cement clarified on February 5, hours after CNBC TV-18 reported that the company has been served with a final notice seeking Rs 4,000 crore.
The cement-maker said it received a notice from the taxation body last month, asking it to "sum-up and summarise its response on the inquiry being made" by the I-T department.
"There is no demand for tax deposition in the said notice. The company is in the process of preparing its response and would comply with the said notice," it stated in an exchange filing.
On January 5, CNBC TV-18 had, citing government sources, reported that Shree Cement has been asked to pay Rs 4,000 crore, which includes tax due, interest, and penalty against the company for wrongful claims and deductions.
The tax officials filed a report after a survey action where they found that Shree Cement had claimed Rs 7,000 crore in wrongful deduction for solid waste management, the report had stated. However, during the survey, the I-T department could not find any such utility at any of the company premise, it added.
Notably, the I-T department had conducted the survey at five premises linked to Shree Cement in June 2023.
In the trading session on February 5, the cement manufacturer's shares recorded a steep fall. The scrip settled at Rs 26,952.80 apiece on the BSE, down 5.31 percent as against the previous day's close.
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