MPS Limited Receives Income Tax Assessment Order and Demand Notice
MPS Limited announced today that it received an Assessment Order under Section 143(3) of the Income-tax Act, 1961, and a Demand Notice under Section 156 of the Act for the Assessment Year 2024-25. The notices were dated March 23, 2026, and received on March 24, 2026, from the Assessment Unit, Income Tax Department.The assessment order resulted from scrutiny proceedings, with the returned income assessed at a higher amount, leading to a tax demand of INR 9,10,68,600. The variations stem from differences in interpreting specific transactions related to withholding tax and outstanding creditor balances.
MPS Limited stated that it believes it has strong factual grounds regarding the matters and intends to file an appeal and an application for rectification under Section 154 of the Act within the prescribed timelines. The company anticipates no material impact on its financial position, operations, or business activities.
The company acknowledged a delay in the submission of the disclosure and stated that it was inadvertent and unintentional. MPS Limited affirmed its commitment to maintaining strong governance practices and timely disclosures.
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