IT Dept Raises Rs 29.47 Cr Demand On TVS Srichakra

TVS Srichakra Ltd reported receiving a demand notice of Rs 29.47 crore, including tax and interest, from the Income Tax Department. The notice, for FY 2017-18 (AY 2018-19), cites disallowances and proposes a penalty for underreporting of income, as per an order issued by the Assessing Officer, impacting the company’s financials significantly.