Shree Cement Hit with ₹588.65 Crore Income Tax Demand Over Assessment Disallowances

Shree Cement faces ₹588.65 crore income tax demand over assessment disallowances, escalating its tax dispute. Shree Cement Limited has received an income tax demand of ₹588.65 crore for the financial year 2021-22. The demand, raised under Section 143(3) of the Income Tax Act, stems from disallowances of tax claims and other deductions made during the final assessment. Shree Cement stated that the order contains "prima facie errors" and expressed confidence that the disputed amount would significantly decrease upon rectification and through favorable outcomes in similar past matters, indicating an ongoing tax dispute.