Legal31 March 2026 at 09:05 am
Vishal Mega Mart Subsidiary Faces Tax Demand of INR 3,28,86,743 for FY 2019-20
AI Summary
Vishal Mega Mart Ltd. has disclosed that its subsidiary, Airplaza Retail Holdings Private Limited, has received an order from the Office of the Assistant Commissioner of Income Tax, TDS Circle 1(1) Chennai. The order, passed under Section 201 & 201(1A) of the Income Tax Act, 1961, alleges non-deduction of TDS and non-payment of Interest on TDS for the Financial Year 2019-20. The total demand, including tax and interest, stands at INR 3,28,86,743. The subsidiary company is currently reviewing the order and evaluating next steps.
Key Highlights
- Vishal Mega Mart's subsidiary, Airplaza Retail Holdings Private Limited, received an order from the Office of the Assistant Commissioner of Income Tax, TDS Circle 1(1) Chennai.
- The order alleges non-deduction of TDS and non-payment of Interest on TDS for the Financial Year 2019-20.
- The total demand, including tax and interest, stands at INR 3,28,86,743.
- The subsidiary company is reviewing the order and evaluating next steps.
- There is no further material impact on financial, operations or other activities of the Company due to the said order.
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