MPS Ltd Receives Assessment Order and Demand Notice under Income Tax Act for Assessment Year 2024-25
MPS Ltd has received an Assessment Order under Section 143(3) of the Income-tax Act, 1961, along with a Demand Notice under Section 156 of the Act for the Assessment Year 2024–25. The assessment order resulted in a tax demand of INR 9,10,68,600 due to certain additions/disallowances based on differences in the interpretation of specific transactions and outstanding creditor balances. The Company believes it has strong factual grounds and is in the process of filing an appeal and an application for rectification under Section 154 of the Act before the appropriate authorities within the prescribed timelines. The Company does not expect any material impact on its financial position, operations, or business activities.
Key Highlights
- MPS Ltd received an Assessment Order under Section 143(3) of the Income-tax Act, 1961, and a Demand Notice under Section 156 of the Act for the Assessment Year 2024–25.
- The assessment order resulted in a tax demand of INR 9,10,68,600 due to certain additions/disallowances based on differences in the interpretation of specific transactions and outstanding creditor balances.
- MPS Ltd believes it has strong factual grounds and is in the process of filing an appeal and an application for rectification under Section 154 of the Act before the appropriate authorities.
- The Company does not expect any material impact on its financial position, operations, or business activities.
- The disclosure is being made after a detailed internal evaluation and assessment of the financial implications.
Price Impact