Shipwaves Online Ltd Appeal Dismissed by NFAC, Tax Demand of ₹72.67 Lakhs Upheld

Shipwaves Online Ltd has received an order from the National Faceless Appeal Centre (NFAC) dated September 29, 2026. The appeal filed by the company against the assessment order for Assessment Year 2024-25 has been dismissed. The NFAC upheld additions made in the assessment order, including disallowance of gratuity expenses (₹23,86,817) and depreciation on intangible assets (₹2,20,97,696). This resulted in the total income being assessed at ₹5,27,52,043, against a returned income of ₹2,82,67,530. The tax demand arising from the assessment order was ₹72,67,470. The NFAC order upholds these additions, and the consequential tax liability, including interest, will be determined as per the Income-tax Act. The ground relating to penalty proceedings was held to be premature and not adjudicated.