Transport Corporation of India Limited Receives Assessment Order and Demand Notice
Transport Corporation of India Limited (TCI) announced that it received an assessment order and a demand notice from the Income Tax Department on March 25, 2026. The assessment order pertains to the Assessment Year 2024-25 (Financial Year 2023-24) and reflects no variation from the income originally returned.However, the company received a Demand Notice under Section 156 of the Income Tax Act, totaling ₹81,96,27,360, including applicable interest. This notice was issued without a preceding show cause notice.
According to the company, the demand raised by the department does not clearly state the basis and appears to be a mistake apparent on record. TCI intends to file a rectification application with the Jurisdictional Assessing Officer and appeal to the appropriate authority, confident that the demand is not sustainable. The company states that this event will have no impact on its financial, operational, or other activities.
| S. No. | Particulars | Remarks |
|---|---|---|
| 1 | Name of the Authority | Assessment Unit, Income Tax Department |
| 2 | Nature and details of the action(s) taken or order(s) passed | Assessment Order under Section 143(3) read with Section 144B of the Income Tax Act, 1961 received, reflecting no variation from returned income. However, a Demand Notice amounting to ₹81,96,27,360, including applicable interest, under Section 156 has been issued without any show cause notice to the Company. |
| 3 | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | Order received via e-mail on March 25, 2026 for Assessment Year 2024-25 (Financial Year 2023-24) |
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