TVS Srichakra ₹29.47 Cr Income Tax Demand Notice

TVS Srichakra received an Income Tax demand notice of ₹29.47 crores for FY 2017-18 (AY 2018-19) under Section 147 read with 144B.
The demand pertains to disallowance under Section 14A, with penalty proceedings under Section 270A proposed for under-reporting of income.
The company deems the demand without merit and plans to appeal before the Commissioner of Income Tax (Appeals) within 30 days.
No material financial impact is expected as the company has already submitted detailed responses and case laws to the authority.