The company had earlier received an assessment order and tax demand notice from the Assistant Commissioner of Profession Tax, Mumbai.
Nidhi | Jul 2, 2025 |
Major Relief for Metro Brands as IT Dept Refunds Rs. 30.58 Lakh
The company Metro Brands Limited has shared an update regarding a tax-related matter with the stock exchanges: NSE and BSE. The company had earlier received an assessment order and tax demand notice from the Assistant Commissioner of Profession Tax, Mumbai, demanding Rs 66.75 lakh as tax, Rs 55.05 lakh as interest, and Rs 6.67 lakh as penalty under the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975.
As per the latest disclosure made by the company under Regulation 30 of SEBI (LODR) Regulations, 2015, the company challenged the demand order, where the Appellate Authority (Assistant Commissioner of Profession Tax, Mumbai), after reviewing it, ruled in favour of Metro Brands. It passed an Order dated 25th June 2025 for the tax refund of Rs 30.58 lakh after deducting Rs 3,53,747 for tax, interest and penalty.
The company has stated that the above case will not affect the operations of the company.
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