Income tax issues

The FAMC reported that the Auroville Foundation received an Income Tax order for the assessment year 2017-18 (financial year 2016-17) of Rs 14.5 crores, computed on the consolidated balance sheet, and another notice has been issued for the financial year 2017-2018. This challenges the validity of the income tax exemption that has been enjoyed by the Auroville Foundation for some years. The Auroville Foundation has engaged a Chartered Accountant to appeal the order and ensure that the notice for the assessment year 2018-2019 will be modified.