HP Adhesives has received an order from the Income Tax Department’s Assessment Unit regarding a tax demand of ₹2.42 crore for the financial year 2018-19, under Section 147 of the Income Tax Act, 1961. The company, however, has stated that the demand does not account for the advance tax, self-assessment tax, and TDS/TCS payments already made, and it plans to file a rectification request with the department.

Key Details of the Tax Order

• Issuing Authority: Assessment Unit, Income Tax Department
• Nature of Order: Demand under Section 147 of the IT Act for a revised tax computation
• Total Demand: ₹2.42 crore (₹1.41 crore in tax liability + ₹1.01 crore as interest)
• Date of Order: March 22, 2025
• Date of Receipt: March 22, 2025, at 5:49 PM via email

Company’s Response

HP Adhesives has clarified that the Income Tax Department has overlooked previous tax payments amounting to ₹1.38 crore in its assessment. The company has decided to file a rectification request or appeal to correct the computation and believes that this order will not have a major financial impact on its operations.

“The assessment has failed to consider our advance tax and self-assessment tax payments for the financial year 2018-19. We are in the process of submitting a rectification request to ensure an accurate tax computation,” the company stated.

HP Adhesives remains confident that the issue will be resolved without significant financial strain. The company reassured stakeholders that its financial health and operations remain stable.

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