Rectification order: incremental interest of ₹ 40.96 lakh, original tax demand reduced
A rectification order under Section 154 of the Income Tax Act, 1961 has been received from the Assistant Commissioner of Income Tax, Mumbai, for Assessment Year 2024.
By ScoutQuest · · 1 min read
- Tax Demand
- ₹ 215.57 crore (reduced demand)
- Interest
- ₹ 63.33 crore
- Total
- ₹ 278.9 crore
Tax order update: what the company disclosed
The company has received an order under Section 154 of the Income Tax Act, 1961 from the Assistant Commissioner of Income Tax, Mumbai, for Assessment Year 2024, on October 14, 2026 at 7.51 P.M. This follows the earlier intimation dated March 28, 2025 about an order under Section 143(3) of the Act for the same assessment year.
What the rectification order does
- The Authority has rectified an earlier order.
- It seeks incremental interest of ₹ 40.96 lakh on a refund already issued.
- It reduces the original tax demand.
The company has stated that there is no adverse material impact on its financial operations.
The numbers as stated by the company
- Tax: ₹ 215.57 crore (reduced tax demand)
- Interest: ₹ 63.33 crore (including incremental interest of ₹ 40.96 lakh)
- Penalty: Nil
- Total: ₹ 278.9 crore
What the company says it has done
The company has shared an appeal against the said order before the appropriate authority.
How a reader can look at this
This is an update on one assessment year, Assessment Year 2024. A rectification order changes two things in the earlier position: it reduces the tax demand and it seeks additional interest on a refund already issued. The company has put out the tax, interest and penalty figures so investors can see the amounts involved, and its own stated view is that there is no adverse material impact on financial operations. The matter is being pursued through an appeal.
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More numbers
- Incremental interest sought on refund already issued₹ 40,96,103
- Tax (reduced tax demand)₹ 215,56,50,475/-
- Interest₹ 63,33,27,980/-
- Total (tax, interest and penalty)₹ 278,89,78,455/-
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