Claim 70% Off TipRanks This Holiday Season
- Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Timken India Limited ( (IN:TIMKEN) ) has provided an update.
Timken India Limited has disclosed that the Income Tax Department’s Assessment Unit has issued an order for the assessment year 2022-23, disputing the company’s transfer pricing methodology for its distribution segment transactions with associated enterprises and recalculating its income higher by Rs 89.08 crore compared with the income declared in its return. Based on this reassessment, the authorities have raised a demand of Rs 74.77 crore, including interest, but the company maintains that the order and demand notice are erroneous and unsustainable, and plans to appeal before the appropriate authority while stating that it does not foresee any immediate financial or operational impact from the tax claim at this stage.
More about Timken India Limited
Timken India Limited, headquartered in Bengaluru, operates in the engineering and industrial manufacturing sector, focusing on bearings and mechanical power transmission products for a range of industrial and automotive applications in India and overseas markets.
Average Trading Volume: 15,821
Technical Sentiment Signal: Buy
Current Market Cap: 231.2B INR
For a thorough assessment of TIMKEN stock, go to TipRanks’ Stock Analysis page.