IT dept moves Bombay High Court against Mahindra & Mahindra

Source : PTI | Mahindra & Mahindra Ltd on Tuesday said the Income Tax Department has filed an appeal before the Bombay High Court against an Income Tax Tribunal order that gave relief to the company in a INR 194.73 crore tax dispute.

The company has received an intimation from the Principal Commissioner of Income Tax-2 informing that the Income Tax Department has filed an appeal under the provisions of Section 260A of the Income Tax Act, 1961, before the High Court of Bombay, Mahindra & Mahindra said in a regulatory filing.

The appeal has been filed against the order of the tribunal providing relief to the company on various disallowances and additions made by the Income Tax Department, it added.

“The disputed tax amount is INR 194.73 crore,” M&M said.

Based on its assessment, M&M said it is “hopeful of a favourable outcome and does not reasonably expect the outcome of the appeal to have any material impact on the company”.