New Delhi: The Income Tax Authority has issued Colgate-Palmolive (India) Ltd a tax demand notice of Rs 248.74 crore related to a transfer pricing matter. The big FMCG company stated that it plans to appeal the order to the appellate tribunal.
CPIL, a company involved in oral care and personal care, was served a notice on July 26, 2024, as per a regulatory filing by the company. The income tax request is for the fiscal year ending on March 31, 2021, concerning transfer pricing matters.
The Company reported that they have been issued a Final Assessment Order for the Assessment Year (AY) 2020-21 with a demand of Rs 248,74,78,511/-. CPIL mentioned that the demand consists of interest totaling Rs 79.63 crore.
CPIL stated that the company plans to appeal the order with the Income Tax Appellate Tribunal, noting that the order will not affect the company's finances or operations. The request is primarily a result of issues related to transfer pricing. "It should be pointed out that these disallowances are in accordance with the disallowances in previous assessment years for which the Company has already appealed," it stated. CPIL recorded total revenue of Rs 5,644 crore during the financial year 2023-24.
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