JTEKT India Limited has received an Assessment Order for the Financial Year 2022-23 from the Income Tax Department. The order includes certain additions/disallowances amounting to INR 313.67 million (₹31.367 crore) with respect to the returned income. Consequently, a notice of demand, including interest, of INR 137.36 million (₹13.736 crore) has been issued to the company. The assessment proceedings were concluded after considering the post-merger modified income tax return filed by JTEKT India Limited. It is noted that the subsidiary, JTEKT Fuji Kiko Automotive India Limited, was merged with JTEKT India Limited effective April 1, 2022. The company also received a Show Cause Notice for the initiation of penalty proceedings in connection with this Assessment Order. JTEKT India Limited plans to file an appeal before the Commissioner of Income Tax (Appeals) against the additions/disallowances made in the Assessment Order. The company has stated that there is no impact on its financial, operational, or other activities due to this order.
