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Tirupati Sarjan Ltd has disclosed it received four Income Tax demand notices totaling approximately Rs. 18.13 crore from the Assistant Commissioner of Income Tax, Gandhinagar Circle. The demands cover Assessment Years 2016-17 (Rs. 4.70 crore), 2017-18 (Rs. 5.86 crore), 2018-19 (Rs. 6.56 crore), and 2020-21 (Rs. 1.00 crore). The tax department raised issues of unexplained expenditure under Section 69C and cash credit under Section 68 of the Income Tax Act. The company was late in informing the stock exchange about these notices, which were received between March 26-30, 2026 but disclosed only on April 2, 2026. The company attributes the delay to an email inbox oversight and year-end accounting workload, and states it has no malicious intent. The company plans to appeal these demands before the appellate authority.
The combined tax demand of Rs. 18.13 crore is substantial and could materially impact the company's finances if upheld. However, since the company intends to appeal, the actual outflow remains uncertain. The delayed disclosure also raises concerns about the company's internal compliance processes.