Income Tax Authority | Business Upturn

Crisil faces Rs 148.99 crore tax demand for FY 2022-23

Arunika Jain — Tue, 21 Apr 2026 17:17:23 +0000

Crisil Limited has received an assessment order from the Income Tax Authority for the financial year 2022-23 (assessment year 2023-24), proposing certain disallowances. The order, dated 21 April 2026, was issued under Section 143(3) read with Section 144B of the Income-tax Act.

The assessment order has resulted in a tax plus interest demand amounting to ₹148.99 crore. Despite this significant figure, Crisil has stated that there is no immediate impact on the company’s financial, operational, or other activities. The company has announced its intention to file an appeal against the order.

This development comes as part of the routine assessments conducted by the Income Tax Authority, which periodically reviews company filings to ensure compliance with tax regulations. Crisil, known for its financial services and ratings, is now preparing to address the proposed disallowances through the legal appeal process.

The company has not disclosed further details about the specific disallowances or the grounds on which it plans to contest the assessment order. However, the decision to appeal indicates Crisil’s confidence in its tax filing positions and its readiness to engage with the tax authorities to resolve the matter.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Shree Cement faces potential Rs 149 crore tax demand from draft assessment order

Arunika Jain — Wed, 01 Apr 2026 16:21:13 +0000

Shree Cement Limited has received a draft assessment order from the Income Tax Authority, potentially leading to a tax demand of approximately ₹149 crore. The draft order, received on 31st March 2026, pertains to the financial year 2022-23 and was issued by the Assistant Commissioner of Income Tax, Central Circle, Ajmer.

The draft assessment order under section 144C (1) of the Income Tax Act, 1961, proposes disallowances and additions to the income returned by Shree Cement in its tax filings. The potential demand of ₹149 crore, which excludes any interest, may arise upon the issuance of a final order. This amount is expected to be adjusted against pending refunds due to the company.

Despite the proposed adjustments, Shree Cement, in consultation with its legal counsel, believes that the disallowances are not sustainable before the appellate authorities. The company anticipates no major impact on its financial, operational, or other activities as a result of this draft assessment order.

In response to the draft assessment order, Shree Cement plans to file objections. The company is considering its options, which include filing objections with the Dispute Resolution Panel or appealing before the Commissioner Appeals.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Orient Cement faces Rs 52.4 crore tax demand; plans appeal to reduce liability

Kinjal — Wed, 01 Apr 2026 13:28:25 +0000

Orient Cement has received a significant tax demand from the Income Tax Authority amounting to ₹52,40,34,900 for the Assessment Year 2023-24. The demand primarily arises from a Transfer Pricing Adjustment of ₹54,33,14,302 related to the transfer of power from the company’s Captive Unit to its Manufacturing Unit. The company believes the order is erroneous and subject to rectification.

The order, dated 31 March 2026, was issued under sections 143(3) and 144C(3) of the Income Tax Act, 1961. Orient Cement has indicated its intention to file an appeal against the order before the competent Income Tax Appellate Authorities within the prescribed timelines.

Upon rectification, the company expects the disallowance of deduction claimed under section 80IA of the Income Tax Act to be restricted to ₹9,15,22,051, as initially claimed in its return of income. This rectification is anticipated to reduce the tax demand significantly to ₹3,19,81,466.

Orient Cement is taking appropriate steps to address the situation and ensure compliance with the necessary legal procedures.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fortis Healthcare faces Rs 149.12 crore tax demand for AY 2021-22

Arunika Jain — Wed, 01 Apr 2026 05:32:46 +0000

Fortis Healthcare Limited’s wholly owned subsidiary, Fortis Hospitals Limited, has been issued an income tax order for the assessment year 2021-22, demanding a sum of ₹149.12 crore. The order was issued by the Income Tax Authority on 27 March 2026.

The company is currently evaluating all available options in response to the tax demand, including the possibility of filing an appeal and a rectification application against the order. The financial implications of the demand are significant, with the entire amount of ₹149.12 crore being claimed by the tax authorities.

The occurrence of this event was recorded on 31 March 2026 at 1:35 PM. Fortis Healthcare has disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, which mandates timely disclosure of material events to the stock exchanges.

This disclosure is part of Fortis Healthcare’s commitment to maintaining transparency and keeping its stakeholders informed about significant developments that could impact the company’s financial position.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Crisil faces Rs 27.24 crore TDS demand for FY 2019-20

Arunika Jain — Mon, 30 Mar 2026 08:00:40 +0000

Crisil Limited has received a Tax Deducted at Source (TDS) proceedings order for the financial year 2019-20, amounting to a demand of ₹27.24 crore. The order, dated 29th March 2026, was issued under sections 201(1) and 201(1A) read with section 195 of the Income Tax Act.

The demand pertains to TDS on foreign payments and is based on previous years’ orders on the same issue. Crisil has already filed an appeal against these earlier orders with the Hon’ble Commissioner of Income Tax (Appeals).

Despite the significant demand, Crisil has indicated that there will be no immediate impact on its financial, operational, or other activities. The company plans to file an appeal against the current TDS proceedings order as well.

The proceedings were initiated by the Income Tax Authority‘s TDS department, and Crisil has been actively engaging with the legal process to address the issue.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Fortis Healthcare faces Rs 117.04 crore tax demand for AY 2024-25

Arunika Jain — Sat, 28 Mar 2026 08:40:52 +0000

Fortis Healthcare Limited has announced that its wholly owned subsidiary, Fortis Hospitals Limited, has received an income tax order demanding ₹117.04 crore for the assessment year 2024-25. The order was issued by the Income Tax Authority on 27 March 2026.

The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The demand for ₹117.04 crore has been raised following an assessment order by the Income Tax Authority, as detailed in the company’s regulatory filing.

Fortis Healthcare is currently evaluating its options in response to the tax demand. The company is considering filing an appeal and a rectification application against the order. The financial implications of this demand could be significant, amounting to the full ₹117.04 crore claimed by the tax authority.

This tax demand comes as Fortis Healthcare continues to navigate various financial and regulatory challenges. The company has assured stakeholders that it is taking all necessary steps to address the issue and will keep the market informed of any further developments.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Crisil faces ₹121.20 crore demand following tax re-assessment

Arunika Jain — Tue, 24 Mar 2026 14:40:28 +0000

Crisil Limited has received a re-assessment order from the Income Tax Authority, resulting in a demand of ₹121.20 crore. The order, issued on 23 March 2026, pertains to the financial year 2016-17 and involves Crisil‘s merged subsidiaries.

According to the re-assessment order under section 147, the Assessing Officer (AO) initially agreed that there was no escapement of income from tax, as the subsidiaries’ income had already been merged with Crisil’s income and offered for tax. However, the AO erroneously computed the tax by making unwarranted additions and not giving credit for taxes already paid, leading to an incorrect demand order.

Despite the demand, Crisil has stated that there is no immediate impact on its financial, operational, or other activities. The company plans to file a rectification application and an appeal against the order to address the discrepancies identified.

This development is part of Crisil’s ongoing engagement with tax authorities to resolve the issue amicably. The company remains committed to ensuring compliance with all regulatory requirements while protecting its financial interests.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).