Tax & Penalty29 Apr 2026, 06:21 pm
MPS Ltd Receives ₹21.78 Cr Income Tax Demand for AY23-24
AI Summary
MPS Limited has received an Assessment Order and Demand Notice under the Income-tax Act, 1961 for the Assessment Year 2023-24, resulting in a tax demand of ₹217,800,272. The increased assessed income of ₹48,238,909 arises from differences in interpreting specific transactions, including withholding tax, depreciation, and transfer pricing. The company is filing an appeal and a rectification application, believing it has strong grounds and does not expect a material impact on its financials.
Key Highlights
- MPS Ltd received an Assessment Order and Demand Notice for AY 2023-24.
- The tax demand amounts to ₹217,800,272 due to increased assessed income.
- The company disputes the demand, citing incorrect tax rate and non-consideration of foreign tax credit.
- MPS Ltd is filing an appeal and rectification application.
- The company does not expect a material impact on its financial position.