Amagi Media Labs Limited has informed the Exchange about the order passed by Income Tax Department
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Amagi Media Labs has received an order from the Deputy Commissioner of Income Tax, Bengaluru, raising a total demand of ₹2,06,45,611 for FY 2019-20. This includes ₹1,12,16,603 as tax and ₹94,29,008 as interest under Section 201(1) and 201(1A) of the Income Tax Act. The demand relates to alleged non-deduction of tax at source under Section 195 on certain payments made to non-residents, which the tax department has characterized as fees for technical services. The company has stated there is no impact on its operations and plans to file an appeal with the appellate authority against this order.
The ₹2.06 crore demand is small relative to a listed company's operations and there is no impact on business activities. However, if the appeal fails, it could affect financials; investors should watch for updates on the appeal outcome.