Physicswallah Ltd Sees Tax Demand Reduce to Rs. 192.76 Crore After Rectification Order; Appeal Filed
Physicswallah Limited announced an update regarding its tax demand following the receipt of a rectification order from the Income-tax Authority. The revised order, dated April 13, 2026, significantly reduced the previously assessed tax demand.Initially, the company had reported an assessment order and demand notice related to the Income-tax Act, 1961, involving a tax demand of Rs. 263.34 crore.
Following the filing of a rectification application under Section 154 of the Income-tax Act, 1961, the Company received an order on April 13, 2026. This order reduced the overall tax demand to Rs. 192.76 crore. The company confirmed that it has subsequently filed an appeal against the revised order before the appropriate appellate authority.
Key Details of the Assessment and Order
The communication received was a Rectification Order under Section 154 of the Income-tax Act, dated April 13, 2026. This order pertains to the Assessment Year 2023-24 and was received from the Assistant Commissioner of Income Tax, Circle- 5(2)(1), Noida.The financial implications noted are that the order is expected not to have any material impact on the Company's financial position, operations, or business activities.
Litigation and Appeal Status
The Company has appealed the order before the Commissioner (Appeals) and Joint Commissioner (Appeals) to contest the balance tax demand.The details of the assessment and the current legal standing are summarized below:
| Particulars | Details |
|---|---|
| Company | Physicswallah Limited |
| Initial Tax Demand | Rs. 263.34 crore |
| Rectification Date | April 13, 2026 |
| Revised Tax Demand | Rs. 192.76 crore |
| Legal Action Taken | Appeal filed before the Commissioner (Appeals) |
The tax authority’s order was based on the rectification application filed by the Company, which sought a revision of the tax demand. The appeal process is ongoing, and the Company stated it believes it has strong legal and factual grounds to contest the outstanding tax demand.
PWL Stock Price Movement
On Monday, Physicswallah Limited shares slipped by 0.51% to close at ₹100.78, marking a decline of ₹0.52 from the previous day's close. The stock traded with a total volume of 3.23 million shares throughout the session.Source:
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