I-T Department issues final notice to Shree Cement after tax liability probe of Rs 4,000 crore

The tax demand of Rs 4,000 crore includes tax due, interest, and penalty against the company for wrongful claims and deductions

The Income Tax Department has issued a final notice to Shree Cement post-completion of the probe for tax liability of Rs 4,000 crore, sources told CNBC-TV18.

The income tax department has claimed a demand of Rs 4,000 crore against cement manufacturer Shree Cement for tax evasion. The tax demand of Rs 4,000 crore includes tax due, interest, and penalty against the company for wrongful claims and deductions, CNBC-TV18  reported citing government sources on January 5.

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. However, during the survey, the IT department could not find any such utility at any of the company premises.

(This is a developing story, stay tuned for more updates)