Please find attached the update on the Income Tax Appeal Effect Order passed by the Assessing Officer with respect to the assessment year 2020-21.
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Fortis Malar Hospitals has received a favorable order from the Income Tax Assessing Officer on its appeal related to Assessment Year 2020-21. The original assessment order dated September 22, 2022 had raised a tax demand of Rs. 1,54,65,300 (approximately Rs. 1.55 crore) against the company. Following the appeal, the Assessing Officer has now fully deleted this demand and determined a refund of Rs. 2,25,94,630 (approximately Rs. 2.26 crore) in favor of the company. The order was dated June 11, 2025 and received by the company on June 13, 2025.
This is a positive development for shareholders — the entire disputed tax demand of Rs. 1.55 crore has been wiped out, and the company stands to receive a refund of Rs. 2.26 crore, which will boost its cash position and remove an earlier tax-related overhang.