Mahindra Tax Dispute: Mahindra & Mahindra received an intimation from the Principal Commissioner of Income Tax-2 informing that the Income Tax Department has filed an appeal under the provisions of Section 260A of the Income Tax Act, 1961, before the High Court of Bombay, Mahindra & Mahindra said in a regulatory filing.
M&M Penalty: Mahindra & Mahindra has been fined over INR 14.3 lakh (USD 20k) for taking incorrect input tax credit during the transition to the GST regime by Mahindra Vehicle Manufacturers, which has since been merged into it. The company is hopeful of a favourable outcome at an appellate level, as it does not expect the order to have any significant financial impact, M&M said in a regulatory filing.
Mahindra XUV Wiring Issue: Mahindra & Mahindra has announced that they will inspect and rectify XUV700 units manufactured between June 8, 2021, and June 28, 2023, along with 3,560 XUV400 vehicles manufactured between February 16 to June 5 of this year. The company stated that they will contact the customers who are using the mentioned models for inspections and subsequent rectifications, which will be carried out free of cost.