Tata Consumer gets tax demand of Rs 171.83 crore from Income Tax Department

Tata Consumer Products Ltd

FMCG firm Tata Consumer Products Ltd on 29 June said it has received a tax demand of Rs 171.83 crore from the Income Tax department for the assessment year 2019-20, firm said in a stock exchange filing.

In a regulatory filing it said," The Company has received an Assessment Order dated June 27, 2024, under section 143(3) read with section 144C(13) of Income-tax Act, 1961, for the income tax return filed for the financial year 2019-20, wherein certain additions/ disallowances with respect to returned income, have been proposed by the assessing officer. The

demand raised is Rs.171.83 crore (including interest).

"The company believes that the aforementioned demand is not maintainable and it is in the process of preferring an appeal and rectification against the said order," the company further said in the statement.

The stock price of the company closed at Rs 1,098.00, 1.14 percent higher on BSE on Friday.

Meanwhile, Tata Consumer Products Ltd reported a 26.69 per cent decline in consolidated net profit to ₹212.26 crore in the fourth quarter ended March 31, 2024, impacted by exceptional items related to costs of amalgamation, acquisitions, asset write-downs and fair value loss on financial instruments.

The company had posted a consolidated net profit of ₹289.56 crore in the same period a year ago, Tata Consumer Products Ltd (TCPL) said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at ₹3,926.94 crore as against ₹3,618.73 crore, it added.