The Income Tax Department has issued a final notice to Shree Cement after completing a probe into the company’s tax liability of Rs 4,000 crore. The department claims that Shree Cement evaded taxes and wrongfully claimed deductions, totaling Rs 7,000 crore for solid waste management, which could not be verified during a survey action. The tax demand of Rs 4,000 crore includes the outstanding tax amount, interest, and penalties.
The tax officials filed a report after a survey action where they found that Shree Cement had claimed Rs 7,000 crore in wrongful deduction for solid waste management. However, during the survey, the IT department could not find any such utility at any of the company premises.