Info Edge (India) Limited has informed the Exchange about Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Info Edge (India) Limited has received a Notice of Demand from the Income Tax Department's Assessment Unit for Assessment Year 2024-25. The tax demand is Rs. 3,64,63,140 (about Rs. 3.65 crore), raised under Section 143(3) of the Income Tax Act due to disallowance of ESOP (Employee Stock Option Plan) expenses claimed by the company. The order is appealable, and the company is reviewing it and evaluating next steps. The company has stated there is no material impact on its financials, operations, or other activities for the current financial year. Notably, similar ESOP-related disallowances for earlier years (AY 2016-17, 2022-23, 2023-24) are already pending in appeals, and prior disallowances since AY 2007-08 have been ruled in the company's favor by the Income Tax Tribunal.
This is a routine income tax assessment dispute centered on a relatively small Rs. 3.65 crore demand with no material financial or operational impact as per the company. Historical precedents show the company has consistently won such ESOP expense disputes at the Tribunal level, so this is unlikely to concern long-term shareholders. Short-term stock reaction is expected to be minimal.