In an exchange filing, the automaker said that the order covers FY 2013-14 to FY 2019-20 and FY 2021-22, with the tribunal ruling in Maruti Suzuki India's favour on most of the issues.
Maruti Suzuki India on Thursday said it has received a favourable order from the Income Tax Appellate Tribunal (ITAT) covering eight financial years, with an estimated positive tax impact of around ₹13,000 crore, which also includes interest.
In an exchange filing, the automaker said that the order covers FY 2013-14 to FY 2019-20 and FY 2021-22, with the tribunal ruling in Maruti Suzuki India's favour on most of the issues.
"The company has received the Income Tax Appellate Tribunal order for eight years from FY 2013-14 to FY 2019-20 & FY 2021-22 wherein the issues have been majorly allowed in favour of the company, having a positive tax impact (including interest) of ₹1,30,000 million (approx)," Maruti Suzuki said in an exchange filing.
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The automaker added that it would primarily reduce the interest component of its contingent liability by approximately ₹6,300 crore following the order.
Maruti Suzuki said the tribunal's order would not have any major impact on its financials, operations or other activities.
"The company would be reducing primarily the interest component from the contingent liability to the tune of ₹63,000 million (approximately). The company will file an application before the jurisdictional Assessing Officer to give effect to this order," it noted.
