Details of the Action
- The Income Tax Department issued an Assessment Order under Section 143(3) read with Section 260 and Section 144B of the Income-tax Act, 1961
- The order pertains to scrutiny assessment for Assessment Year 2024-25
- The order results in a tax demand under Section 156 of the Income-tax Act, 1961
Date of Receipt
The company received the order on July 1, 2026.
Basis of Violation/Contravention
The demand arises from certain disallowances and additions made under various provisions of the Income-tax Act, 1961, specifically including:
- Section 37(1)
- Section 40(a)(ia)
- Section 68
- Section 69C
- Section 35D
These were made pursuant to scrutiny assessment proceedings for AY 2024-25.
Financial Impact Quantification
The total tax demand amount is ₹41,06,72,530 (Rupees Forty One Crore Six Lakh Seventy Two Thousand Five Hundred Thirty Only), which includes applicable interest.
Company Response and Outlook
The company is in the process of filing an appeal before the appropriate Appellate Forum/National Faceless Appeal Centre (NFAC) against the said Order, within the prescribed timelines. The company believes it has adequate factual and legal grounds to reasonably substantiate its position in the matter. The company expects a substantial portion of the demand to not sustain in appeal and accordingly does not expect the Order to have any material impact on its financial, operational, or other activities.
Future Communications
The company will provide further updates, if any, in relation to this matter to the Stock Exchanges in compliance with applicable requirements of the SEBI LODR.