Mumbai, June 29: Tata Consumer Products Ltd on Saturday said it has received an income tax demand of Rs 171.83 crore for the assessment year 2019-20. In a stock exchange filing, the fast-moving consumer goods (FMCG) major said the “demand is not maintainable and it is in the process of preferring an appeal and rectification against the said order”.

“There is no immediate impact on the financials, operations or other activities of the company on account of the aforementioned order,” said the Tata Group company. Tata Motors Reveals Tentative Launch Timeline of Tata Sierra, Tata Nexon CNG and Tata Curvv; Check Details.

In the filing, the company stated that it had 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”. Tata Motors Announces To Hike Price of Its Commercial Vehicles by up to 2%, Effective From July 1.

“The demand raised is Rs.171.83 crs (including interest),” it added. The stock of the company closed at Rs 1,098, up 1.14 per cent on the BSE. In the fourth quarter ended March 31, Tata Consumer Products' net profit dropped 19.3 per cent to Rs 217 crore. The company’s revenue went up 8.5 per cent at Rs 3,927 crore during the quarter, with a strong performance in the India business.

(The above story first appeared on LatestLY on Jun 29, 2024 06:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website