New Delhi: Mawana Sugars Limited has received a notice of demand from the Income Tax Department for Rs 7.71 lakh for the assessment year 2021-22, the company informed stock exchanges on Tuesday.
The notice, issued under Section 156 of the Income Tax Act, 1961, requires the company to make the payment within 30 days of service. The demand follows the conclusion of the department’s assessment order.
Mawana Sugars said it does not expect any financial impact from the notice. The company plans to file an appeal with the National Faceless Appeal Centre or seek rectification under Section 154 of the Income Tax Act within the prescribed period.
No penalties or other restrictions were mentioned in the notice. The company confirmed that the disclosure was made in compliance with regulatory requirements to keep investors informed.
