KEC International discloses its subsidiary received a ₹46.19 crore tax demand from the Income Tax Department for FY 2022-23.
The demand arises from ad-hoc additions/disallowances of business expenses and alleged unverified creditors.
The subsidiary believes the matter is strong on merits and will file an appeal to contest the demand.
The company does not foresee any material financial impact from this order post-redressal.