Akzo Nobel India Ltd has disclosed that it has received a draft tax assessment order from the Income Tax Department proposing additions of ₹111.63 crore to the company’s income for the Assessment Year (AY) 2023–24.
The disclosure was made in compliance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, as amended in 2023.
According to the company’s regulatory filing, the draft assessment order was issued by the Assessing Officer of the Income Tax Department and was received by the company on March 8, 2026, at 8:20 PM IST.
The order has proposed additions amounting to ₹111.63 crore to the company’s income under corporate tax and transfer pricing provisions as part of the income tax assessment conducted under Section 143(3) of the Income Tax Act, 1961.
Akzo Nobel India clarified that the order is currently only a draft assessment order and therefore the final financial implications cannot be determined at this stage. The company also stated that the quantum of claims cannot be finalized yet since the matter remains open for further submissions or appeal before the relevant authorities.
The company further noted that it is reviewing the draft order in consultation with its tax advisors. A response will be submitted within the stipulated timeline as specified in the order.
Management added that the matter is currently under evaluation and the company will pursue the appropriate legal remedies available under the tax framework.