Edelweiss Financial Services Limited’s subsidiary, Edelweiss Rural & Corporate Services Ltd., has received a tax demand notice amounting to Rs. 2.61 crores from the Income tax department. The company disclosed this development in a recent filing with the stock exchange.
The tax demand notice, received on May 31, 2024, pertains to the assessment year 2016-17 and includes certain disallowances. Edelweiss Rural & Corporate Services Limited, in its statement, mentioned that the notice was issued following a search operation and is based on the assessment order under Section 143(3) of the Income Tax, 1961.
“We wish to inform that Edelweiss Rural & Corporate Services Limited, a subsidiary of the Company, has pursuant to search, received the assessment order and demand notice on 31.05.2024, under Section 143(3) of the Income tax Act, 1961, for the assessment year 2016-17 and a tax demand of Rs. 2.61 crores (including interest) on account of certain disallowances,” the company stated.
Edelweiss Rural & Corporate Services Ltd. has expressed that the demand is not sustainable and will not significantly impact its financials, operations, or other activities. The company is currently examining the order and is considering appropriate steps, including filing appeals, to address the tax demand.
Read more at: ET NOW
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