Zaggle Prepaid Ocean Services Limited Receives Demand Notice from Income Tax Department, Ministry of Finance, Government of India

Zaggle Prepaid Ocean Services Limited announced demand notice under the Section 156 of the Income Tax Act 1961 received from the Income Tax Department, Ministry of Finance, Government of India for the assessment year 2022-23. Demand Notice under the Section 156 of the Income Tax Act, 1961 for the Assessment Year (AY) 2022-23 seeking additional tax demand of INR 40,915,780. Date of receipt of direction or order: March 29, 2024.

The Income tax department passed assessment order under Section 143(3) for AY 2022-23 for additional taxable income of INR 16,169,801 and initiated the proceedings for recovery of income tax of INR 40,915,780. The Company has filed an appeal against the aforesaid demand notice before the Honorable Commissioner of Income Tax (Appeal).