Z.F.STEERING GEAR (INDIA) LTD. - Information Pursuant To Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.<BR> Completion Of Search Assessment Proceedings

This is in continuation to our earlier communication dated October 4, 2021, wherein we informed the Exchange<BR> about the cumulative additions of Rs. 8.75 crore, made by the tax department, to the total income, for 7 assessment<BR> years assessed under Section 153A of the Income Tax Act.<BR> We have now received notice of demand and tax computation forming part of the assessment orders passed for 7 assessment years covered under the assessment proceedings. As per the said notice of demand, the total aggregate tax demand computed by the tax department is Rs. 8.76 crore (including interest) for the 7 assessment years. On prima-facie, it appears that the aggregate tax demand computed by the tax department is erroneous on calculation<BR> per se. and it is also not in agreement with the additions of Rs. 8.75 crore, referred above.<BR> The Company is in process of filing necessary rectification application before the tax department in order to rectify<BR> the tax amount.