Akzo Nobel India gets draft tax order proposing ₹112 crore addition for FY23-24

Paints and coatings maker Akzo Nobel India Ltd on Monday (March 9) said it has received a draft assessment order from the Income Tax Department proposing additions of ₹111.63 crore to the company’s income for the assessment year 2023–24. The draft order was issued under Section 143(3) of the Income Tax Act, 1961, by the Assessing Officer of the Income Tax Department.

According to the disclosure, the proposed additions relate to corporate tax and transfer pricing provisions as part of the income tax assessment process. The company said the expected financial impact cannot be determined at this stage as the order is only a draft assessment and is open for further action by the taxpayer or the tax department.

The quantum of claims also cannot be determined at present as the draft assessment order is subject to further submissions or appeal. Akzo Nobel India said it is analysing the order and will respond within the stipulated time after consultation with its tax consultants.

Shares of Akzo Nobel India Ltd ended at ₹2,720.00, down by ₹48.60, or 1.76%, on the BSE.