Pepsi fights Indian tax authorities over Rs1 billion
February 21, 2012
Sophie Ashley
Pepsi Foods’ stay of application with the Indian legal system over a demand of Rs1.04 billion ($21 million) has been disposed by the Income Tax Appellate Tribunal (ITAT) but an appeal date has been set.
The assessment relates to financial year 2006 to 2007 where Pepsi filed a return of income amounting to approximately Rs1.6 billion. When the assessing officer investigated the company’s accounts he determined the income return should be Rs2.1 billion, thereby demanding a further Rs1.04 billion on the amount already paid by the company.
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