Income Tax Demand Against Physicswallah Reduced to Rs 192.76 Cr; Company plans to File Appeal Before CIT(A)

Physicswallah Limited, in its recent disclosure to stock exchanges, has informed that it has received a Rectification Order, passed by the Assistant Commissioner of Income Tax, Circle 5(2)(1), Noida, under Section 154 of the Income-tax Act, pertaining to the Assessment Year 2023-24. The company had received the communication on April 13, 2026.

Previously, the company had informed through an intimation letter dated March 18, 2026, that it received an assessment order and demand notice under Section 143(3) of the Income-tax Act, 1961, raising an aggregate demand amounting to Rs 263.34 crore. Thereafter, the company filed a rectification application with the tax authorities seeking revision in the imposed Rs 263.34 crore tax demand. In conclusion to the same, the present rectification order has been received by the company under Section 154 of the Income-tax Act, 1961, wherein the demand in question has been reduced from Rs. 263.34 crore to Rs. 192.76 crore.

The company has claimed that it is still not satisfied with the reduced tax demand and hence is planning to file an appeal before the Commissioner of Income Tax (Appeals) [CIT(A)], challenging the Rs. 192.76 crore tax demand. It believes it possesses strong legal and factual grounds to contest the balance tax demand. The company further clarified that the present action does not have any material impact on its financial, operational and other business activities.

The company has made the aforementioned disclosure through a regulatory filing dated April 14, 2026, addressed to the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE), filed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations).