Taxman slaps Rs246-cr demand on Sesa Goa
24 Feb 2012
The Income Tax Department has sought Rs246 crore in dues from Vedanta Resources subsidiary Sesa Goa, and the company said it is mulling legal recourse against the demand.
''The Income Tax Department had raised a demand for Rs246 crore disallowing certain claims of the company in December 2011 during regular assessment proceedings,'' Sesa Goa, a subsidiary of London-listed Vedanta Resources Plc, said in a filing to the Bombay Stock Exchange.
Sesa Goa said while no account has been frozen, it has taken legal advice which strongly supported the company. ''…accordingly, no provision has been made against those demands. The company will take all necessary legal steps in normal course to quash these demands,'' it said.
Sesa Goa, the largest iron ore miner in the country in the private sector, had reported Rs370.54 crore net profit in the December quarter on a revenue of Rs2,019 crore.
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