Megri Soft Ltd Disputes Rs. 1,50,07,633 Income Tax Demand for AY 2013-14
Megri Soft Ltd has received an Assessment Order under Section 143(3) read with Section 254 read with Section 144B of the Income-tax Act, 1961, and a Notice for initiation of penalty proceedings under Section 274 read with Section 271(1)(c) of the Income-tax Act, 1961, for Assessment Year 2013-14. The Income Tax Department has disallowed the deduction claimed by the Company under Section 80IC of the Income-tax Act, 1961, and has raised a Gross Demand of Rs. 1,50,07,633. The Company intends to dispute the full Gross Demand before the appropriate appellate authority. The Company has also received a Notice for Penalty under Section 274 read with Section 271(1)(c) of the Income-tax Act, 1961, in connection with the aforesaid disallowance made under Section 80IC of the Income-tax Act, 1961, for Assessment Year 2013-14 and intends to respond to the said notice and contest the same appropriately.
Key Highlights
- Megri Soft Ltd has received an Assessment Order under Section 143(3) read with Section 254 read with Section 144B of the Income-tax Act, 1961, and a Notice for initiation of penalty proceedings under Section 274 read with Section 271(1)(c) of the Income-tax Act, 1961, for Assessment Year 2013-14.
- The Income Tax Department has disallowed the deduction claimed by the Company under Section 80IC of the Income-tax Act, 1961, and has raised a Gross Demand of Rs. 1,50,07,633.
- The Company intends to dispute the full Gross Demand before the appropriate appellate authority.
- The Company has also received a Notice for Penalty under Section 274 read with Section 271(1)(c) of the Income-tax Act, 1961, in connection with the aforesaid disallowance made under Section 80IC of the Income-tax Act, 1961, for Assessment Year 2013-14.
- The Company intends to respond to the said notice and contest the same appropriately.