MPS Limited Receives INR 217.8 Crore Tax Demand

MPS Limited received an Income Tax Assessment Order for AY 2023-24, enhancing its returned income by INR 48.2 million.
A total tax demand of INR 217.8 million was issued, which the company states was computed using an incorrect tax rate.
The company is filing an appeal and rectification application and does not expect a material financial impact from the order.
Penalty proceedings under Section 270A have been initiated for under-reporting of income, but no penalty order has been passed.