Swiggy gets Rs 158 crore notice from Income Tax Department!
Food and grocery delivery platform swiggy has received an assessment order notice of more than Rs 158 crore tax from the Income Tax Department. The company said that this tax notice for the period from april 2021 to march 2022 has been given by the Deputy Commissioner of Income Tax Department, Central Circle, Bengaluru.
swiggy said in an exchange filing that the company has received this assessment order for the period from april 2021 to march 2022. Additional income of Rs 1,58,25,80,987 was added to it.
It is worth noting that these cases are related to alleged violations, including the denial of cancellation charges given to merchants under Section 37 of the Income Tax Act, 1961. Along with this, interest received on income tax refund is not included in taxable income.
swiggy believes that it has a strong case against the order and is taking necessary steps to protect its interests through review/appeal. The company said that this order will not have any major adverse effect on its financial and operations.
swiggy is a popular online food ordering and delivery platform, which works for ordering and delivery of food from restaurants. This platform was created in 2014. swiggy has also become very popular in the busy life of cities, because many times people come tired from their office, when they do not feel like cooking, then through this food is ready in minutes.
On the other hand, swiggy was listed on the stock exchange on november 13, 2024. In the last three months only, the company's stock has fallen by 38.88%. Since entering the market, the food delivery company's shares are under heavy pressure.
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