No Stitch in Time? Indo Rama Faces Taxman’s ₹368.7M Needle

Indo Rama Synthetics (India) Ltd (IRSL) has been issued with a tax demand notice of ₹368.7 million by Indian tax authorities, according to a regulatory filing. The notice pertains to suspected discrepancies in previous-year tax assessments, though the firm has so far not disclosed the specific assessment year or nature of dispute.

 

The company stated it is considering the notice in consultation with its tax and legal advisers and will determine the appropriate course, which can be an appeal or a request for clarification from the authorities.

 

This action follows a broader trend of more intense examination by tax authorities of historic filings and company disclosures. While the financial impact of the request is significant, Indo Rama informed that it does not see any short-term interruption to its operations or liquidity profile.

 

Investors and analysts will be keenly watching for further details, especially any firm reaction or trading in the stock price following this news.

 

Sources of Relevance: Moneycontrol, BSE India, Reuters