I-T dept slaps Rs 212 cr tax notice to Cholamandalam Investment

Above demand includes Rs 109.84 cr tax and Rs 98.60 cr interest payments

The income tax department has slapped a notice on Murugappa Group’s NBFC arm Cholamandalam Investment and Finance Company Limited demanding for Rs 212.64 crore.

The company said its tax assessment for  assessment year 2009-10 has been reopened and the assessing officer has done a reassessment, rejecting the submission of the company against such a reassessment.

The company has received a demand notice for Rs 212.64 crores from the deputy commissioner of income tax for the AY 2009-10.

The above demand includes a sum of Rs 109.84 crores by way of tax and Rs 98.60 crore towards interest.

The company intends to contest the reassessment and also seek a stay of the demand. The company will intimate the outcome of the appeal in due course, company informed NSE.