Shree Cement Gets A Tax Demand Notice Of Rs 589 Crore For FY22: All You Need To Know

Shree Cement on Wednesday said that the company has received an Income Tax notice for the financial year 2021-22 on Tuesday, from the Income Tax Authority.

Details Of The Communication Received?

The company has received an assessment order on May 227, 2025, passed under section 143(3) of the Income Tax Act, 1961, pertaining to the financial year 2021-22, from the Assistant Commissioner of Income Tax, Central Circle, Ajmer (AO).

"In furtherance of the draft assessment order passed u/s 144C(1), as intimated vide Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015, dated 1st April, 2025, Final Assessment order under section 143(3) is passed," the company said in a stock exchange filing.

Among the expected financial expectations on the company, if any, the demand of Rs 588.65 crore (including interest) is determined on account of  disallowances made.

"We believe that there are prima facie errors in the order, which on rectification by AO shall reduce disputed demand substantially. Balance disputed demand will be adjusted against pending refunds, which are
to be received by the company," it added.

What Is Shree Cement Doing Now?

The company is currently taking remedial measures under the law that is available, as advised by its legal counsels for protecting its interest.

The firm also added that looking at the Orders of Authorities and Appellate Forums passed for preceding years, the company expects that the entire demand will subside.

It further added that there will be no impact on financial, operations or other activities of the company.

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