The Kirloskar Oil Engines Limited has received the Show Cause Notice (SCN) from the National Faceless Assessment Center (NFAC), Income Tax Department, Delhi, according to the Company’s regulatory filing.
The SCN is issued in continuation of ongoing scrutiny assessment under Section 143(2) of the Income Tax Act 1961 for the Financial Year 2022-23 proposing to make certain disallowances to the returned income.
The total quantum of potential Tax impact on account of the proposed disallowances as mentioned in the SCN is ₹ 19.17 Crore, if materialized.
The NFAC has granted an opportunity of being heard to the Company and make additional submissions.The Company is in the process of replying to the SCN before March 6, 2025.
The disclosure before the exchnage was made Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
