Bosch receives over Rs 20 crore tax demand notice from Income Tax dept

In a regulatory filing, Bosch said the delay in paying the tax 'is inadvertent and is swiftly reported, once it was brought to the notice'

Germany-based technology and services firm Bosch Limited on Monday said it had received a tax demand of more than ₹20 crore from the Income Tax (I-T) department for the assessment year (AY) 2022-2023.

 

In a stock exchange filing, the company said the assessment order dated March 28 raised a demand of ₹18.36 crore along with interest of ₹1.80 crore. The order was issued by the assessment unit of the I-T department.

 

“The company is in the process of preferring an appeal. No quantification of penalty has been passed,” Bosch said.

 

According to the regulatory filing, the delay in paying the tax "is inadvertent and is swiftly reported, once it was brought to the notice."

 

 

In September last year, Volkswagen's Skoda Auto Volkswagen India unit was issued a $1.4 billion tax notice, with officials alleging that the company misclassified its imports to pay lower customs duties. However, the company denied any wrongdoing, saying it had been transparent about its import model.

 

In February, Volkswagen filed a lawsuit against Indian authorities, seeking to cancel a $1.4 billion tax demand, calling it "impossibly enormous" and contradictory to India’s import tax rules.