Bosch Limited announced on Monday that it had received a tax demand of more than Rs 20 crore from the Income Tax (IT) department for the assessment year (AY) 2022-2023.
The company said that the assessment order dated March 28 increased a demand of Rs 18.36 crore and interest of Rs 1.80 crore in a stock exchange filing.
The order was issued by the department of information technology's assessment unit.
"The company is in the process of opting for an appeal. "No penalty has been quantified," Bosch stated.
According to the regulatory filing, the delay in paying the tax "is inadvertent and is promptly reported, once it was brought to the notice."
The Skoda Auto Volkswagen India division of German automaker Volkswagen received a $1.4 billion tax notice in September 2024. The officials claimed that the company had misclassified its imports in order to avoid paying customs duties. But the company said it had been open and honest about its import model, so it denied any wrongdoing.
In February, Volkswagen sued Indian authorities to have a $1.4 billion tax demand canceled, claiming it was "impossibly enormous" and in violation of India's import tax regulations, according to media reports.
