Maruti Suzuki Slapped With Rs 779-Crore Tax Demand

Maruti Suzuki India Ltd. has received a demand of Rs 779.2 crore, including interest from the Income Tax authority. The automaker received a final assessment order for the financial year 2020 from the Income Tax authority, according to an exchange filing on Friday.

The order has a total demand, including interest, of Rs 779.2 crore. The company has also received a show cause notice for initiation of penalty proceedings, with respect to the order.

Maruti Suzuki said it will file an appeal before the Income Tax Appellate Tribunal. There is no impact on financial, operation or other activities of the company due to this order, it said.

India's largest automaker is set to announce its first quarter results on July 31.

Shares of Maruti Suzuki ended 1.41% higher at Rs 12,677.90 apiece, ahead of the announcement, as compared to a 1.62% rise in the benchmark BSE Sensex.

(With inputs from PTI)