Government-owned e-commerce service provider MSTC Ltd on Friday (February 28) said it has received a ₹105.55-crore demand notice from the Income Tax Department under Section 156 of the Income Tax Act, 1961, for assessment year 2019-20.
“… it is to inform that the company has received Notice of demand under section 156 of the Income Tax Act, 1961 from Income Tax Department,” MSTC said in a regulatory filing.
The total demand includes ₹42.45 crore in interest. The company stated that the notice will not have any material impact on its financial or operational activities. MSTC plans to challenge the assessment and will file an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], Kolkata.
“The Income tax department has raised demand for the Assessment Year 2019-20 of an alleged sum of ₹105.55 crores, which includes interest of ₹42.45 crores,” it said.
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