I-T Dept issues final notice to Shree Cement over Rs 4,000 cr tax liability

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

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, the report said.

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. The raids took place at the company's bases in Beawar, Jaipur, Chittorgarh, and Ajmer.

The cement company, in its press release, clarified the income tax surveys, saying that the entire management team of the company was extending full cooperation to the officials and that any information circulating in the media otherwise is incorrect.

"We have gathered that a lot of negative information about the company and its officials is floating in certain sections of the media in connection with the above survey. We would like to clarify that the survey is still going on," the firm said in a press release on June 24 last year.