Barbeque Nation Gets Rs 8.63 Crore Tax Demand Withdrawn After Rectification Order:

Barbeque Nation Gets Rs 8.63 Crore Tax Demand Withdrawn After Rectification Order United Foodbrands Ltd, also called Barbeque-Nation Hospitality Ltd, has informed NSE and BSE about a rectification order issued by the Deputy Commissioner of Income Tax, Bengaluru, in connection with the assessment order made under Section 143(3) and notice of demand made under Section 156 of the Income Tax Act, 1961, in respect of the assessment year (AY) 2023-24. Once the company received the assessment order and the notice of demand from the income tax department, it submitted a petition for rectifying the assessment order. The tax department granted the application made by the company and, thereafter, issued a Rectification Order as per Section 154 of the Income Tax Act, 1961.

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After the rectification, the entire demand, along with interest of Rs 8.63 crore, has been withdrawn and brought down to nil. Consequently, there is now no need for the firm to pay anything, which earlier the Income Tax Department had demanded. The company has informed us that there has been no imposition of any penalty, restriction, or sanction by the income tax department in relation to the above matter.

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However, the company is currently in the process of appealing an addition of Rs 2.78 crore to its total assessable income. This has been done under Section 92CA(3) of the Income Tax Act, 1961.