The Income Tax (IT) department went into overdrive before the end of the financial year with a spate of tax demand orders issued during the weekend on aviation, service and banking sectors.
The IT department slapped a demand notice of Rs 20 crore on Technology and Services provider Bosch Ltd on Monday for assessment year 2022-23 passed by the assessment unit which includes a demand of Rs 18.36 crore and interest of Rs 1.80 crore.
"The company is in the process of preferring an appeal. No quantification of penalty has been passed," Bosch said in regulatory filing.
The low cost budget airlines IndiGo parent company InterGlobe Aviation was hit with a penalty of Rs 944.20 crore by the taxman for the 2021-22 assessment year.
IndiGo clarified that the penalty was based on a misunderstanding by the Income Tax Authority and said that tax authority mistakenly believed that airlines appeal before the Commissioner of Income Tax (Appeals) had been dismissed, whereas the appeal remains active and pending adjudication.
While private sector lender Yes Bank was hit with demand notice of Rs 2,209 crore for the assessment year 2019-20 which were reopened by the income-tax department in April 2023 and reassessment order passed by the National Faceless Assessment Unit during the weekend.
“An income-tax demand amounting to Rs 2,209.17 crore, including interest of Rs 243.02 crore, which prima facie appears to be without any basis,” claimed Yes Bank in a statement adding the bank would pursue an appeal and rectification proceedings against the said reassessment order under the applicable law.
