E-commerce Firm MSTC received Income Tax Demand worth Rs.105.55 Crore:

E-commerce Firm MSTC received Income Tax Demand worth Rs.105.55 Crore MSTC Ltd, a government-owned e-commerce service provider, has received a Rs.105.55 crore demand notice from the Income Tax Department under Section 156 of the Income Tax Act, 1961, for the 2019-20 assessment year. "It is to inform that the company has received Notice of demand under section 156 of the Income Tax Act, 1961 from Income Tax Department," according to a regulatory filing by MSTC. The total demand includes Rs.42.45 crore in interest. The company stated that this demand notice will have no significant impact on its financial or operational activities. MSTC intends to challenge the assessment and will file an appeal with the Commissioner of Income Tax (Appeals) [CIT(A)], Kolkata. "The Income tax department has raised demand for the Assessment Year 2019-20 of an alleged sum of Rs.105.55 crores, which includes interest of Rs.42.45 crores," according to the announcement. MSTC reported a 506.04% YoY increase in net profit of Rs.250.9 crore for the third quarter ended December 31, 2024. MSTC made a net profit of Rs.41.4 crore during the same quarter in the previous financial year. The company posted an exceptional gain of Rs.275.5 crore in Q3FY25, compared to a loss of Rs.1.9 crore in the same period last year. The company's revenue from operations climbed by 12.8% to Rs.81.1 crore from Rs.71.9 crore in the previous year.