Z.F.STEERING GEAR (INDIA) LTD. - Completion Of Search Assessment Proceedings

As informed earlier, the Income Tax Department had conducted search and seizure operations, as per the provisions of Section 132 of the Income-tax Act, 1961, from January 2, 2020 to January 7, 2020, at the premises of the Company. The assessment proceeding u/s 153A read with Section 143(3) of the Income Tax Act, 1961 have been completed vide orders passed on September 29,<BR> 2021. As per the said orders, the Tax department has made cumulative addition of Rs. 8.75 crore to the total income of the Company, for the 7 assessment years covered under the assessment proceedings. Tax computation-sheet and notice of tax demand, which forms part of assessment orders, is yet to be received from the Tax department . The amount of Tax-demand will be reported to BSE Limited as soon as received from the Tax Department.<BR>