Carraro India Receives Draft Assessment Order from Income Tax Department

India, March 12 -- Carraro India Limited has informed the Exchange about the receipt of a Draft Assessment Order from the Income Tax Department on March 11, 2025, at 10:17 a.m. This follows the Initial and Subsequent Show Cause Notices (SCN) issued earlier. The assessment, conducted by the faceless assessment unit under Section 144C(1) of the Income-tax Act, 1961, reflects a downward revision of the contested amount compared to the initial notices.

The company intends to formally respond to the faceless assessment unit, specifying the forum where it will contest the proposed tax adjustments based on legal counsel. Confident in its position, Carraro India anticipates a favorable resolution from the appropriate forum where the appeal will be...