The Relevant disclosure with respect to Demand Order received from Income Tax Department.
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Awaiting price reaction for this filing.
Fortis Malar Hospitals has received an Income Tax demand order of Rs. 1,50,61,040 (approximately Rs. 1.51 crore) for Assessment Year 2018-19. The demand was raised under Section 143(3) read with Section 263 of the Income Tax Act, with the tax authority disallowing certain deductions claimed by the company. The order was received on March 31, 2025. The company has stated that based on its assessment, the demand is not maintainable and is evaluating all options, including filing an appeal. The company has said it does not foresee any material impact on its financials, operations, or other activities.
The Rs. 1.51 crore tax demand is relatively small compared to a hospital company's operations and is unlikely to have a material financial impact. However, if the appeal is unsuccessful, it could result in a cash outflow, and the stock may see minor negative sentiment in the short term.