Zaggle Prepaid Ocean Services Receives Income Tax Demand Notice
Zaggle Prepaid Ocean Services Limited announced receipt of an Assessment Order and Notice of Demand under Section 156 of the Income Tax Act, 1961, for the Assessment Year 2024-25. The notice, received from the Assessment Unit, Income Tax Department on March 25, 2026, seeks a tax demand of Rs. 6,60,51,200.The assessment order was issued under Section 143(3) and includes ad-hoc additions to taxable income. Zaggle Prepaid Ocean Services intends to appeal the demand notice before the Commissioner of Income Tax (Appeals) or the NATIONAL FACELESS APPEAL CENTRE (NFAC).
According to the company, the demand notice is based on primarily ad-hoc additions and will not have a material impact on its financial, operational, or other activities. Zaggle Prepaid Ocean Services believes it has strong grounds to defend its position and anticipates a favorable outcome.
Below is a summary of the key details:
| Particulars | Details |
|---|---|
| Name of the Authority | Assessment Unit, Income Tax Department |
| Nature and details of the action(s) taken, initiated or order(s) passed | Assessment Order and Notice of Demand under Section 156 of the Income Tax Act, 1961 for the Assessment Year 2024-25 seeking a tax demand of Rs. 6,60,51,200/-. |
| Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | March 25, 2026 |
| Details of the violation(s)/contravention(s) committed or alleged to be committed | The Income tax department passed an assessment order under Section 143(3) for Assessment Year 2024-25 and made ad-hoc additions to taxable income. |
| Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible. | The Company will file an appeal against the aforesaid demand notice before the Commissioner of Income Tax (Appeals) / NATIONAL FACELESS APPEAL CENTRE (NFAC). Since the demand notice is based on additions which are primarily ad-hoc in nature, there is no material impact on the financial, operations or other activities of the Company. Based on our initial review and responses submitted, the company believes it has strong grounds to defend these positions and expect a favourable outcome for the company. |
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