TCI Tax Demand of ₹81.96 Cr Extinguished by Rectification Order

Transport Corporation of India Limited (TCI) has announced the receipt of a rectification order from the Jurisdictional Assessing Officer, Income Tax Department. This order addresses an assessment made under Section 143(3) for Assessment Year 2024-25, which had initially resulted in a demand of ₹81.96 crore. Following TCI's application under Section 154, computational errors have been rectified, and appropriate TDS/TCS credit has been allowed. The Centralized Processing Centre (CPC) has given effect to this rectification, fully extinguishing the previously raised tax demand. Consequently, the outstanding demand for AY 2024-25 is now Nil, with no adverse financial impact on the company.