Bombay HC Sets Aside Income Tax Show Cause Notices Issued u/s 148 to Firstcry

On July 22, 2025, Firstcry informed the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that the Bombay High Court has set aside notices received by them under clause (b) of section 148A of the Income Tax Act from the Income Tax Department for A.Y. 2018-19, A.Y. 2019-20, A.Y. 2020-21, and A.Y. 2021-22. The company discloses this information to the stock exchange under Regulation 30(7) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This disclosure is in continuation of previous intimations dated August 23, 2024, and October 26, 2024. The company is informing that earlier it filed a writ petition in the Bombay High Court, challenging notices issued by the Income Tax Department. The company was issued these notices on October 25, 2024, under Section 148 of the Income Tax Act, 1961, to make reassessment/re-computation under Section 147 of the Income Tax Act, 1961.

Earlier, the court granted interim relief and stayed the reassessment proceedings under the Notices. Now, in the final hearing, the High Court has disposed of the matter by setting aside the notices on the grounds that the Income Tax Department issued those notices without jurisdiction and a judicial precedent in favour of the company existed (which is currently pending in appeal before the Hon’ble Supreme Court).

The High Court has announced its decision under Writ Petition Nos. 2948 of 2025, 2120 of 2025, 2138 of 2025, and 2125 of 2025. The company received the direction or order, including any ad interim or interim orders, or any other communication from the authority on July 21, 2025.