UltraTech Cement Limited has received an assessment order from the Deputy Commissioner of Income-tax, Central Circle, Mumbai 1(4), for Assessment Year 2023-24. The order includes a tax demand of ₹808.78 crore, inclusive of interest. The assessing officer has made additions and disallowances concerning tax holiday claims, transfer pricing adjustments, and ESOP expenses. The company, however, believes it has strong legal grounds to contest the entire demand, citing favorable orders from appellate authorities in past cases. UltraTech Cement is in the process of filing an appeal before the Commissioner of Income Tax (Appeals) within the stipulated timelines. The company does not anticipate any impact on its financial or operational activities as a result of this order.
