New Delhi: Food and grocery delivery platform Swiggy has received an assessment order notice from the Income Tax Department for tax of more than Rs 158 crore. The company said that this tax notice for the period from April 2021 to March 2022 has been given by the Deputy Commissioner of Income Tax Department, Central Circle, Bengaluru.
Tax refund in taxable income
Swiggy said in an exchange filing that the company has received this assessment order for the period from April 2021 to March 2022. Additional income of Rs 1,58,25,80,987 was added to it. It is worth noting that these cases are related to alleged violations, including denial of cancellation charges paid to merchants under Section 37 of the Income Tax Act, 1961. Along with this, non-inclusion of interest received on income tax refund in taxable income is also included.
Know the whole matter
Swiggy believes it has a strong case against the order and is taking necessary steps to protect its interests through review/appeal. The company said that this order will not have any major adverse impact on its financial and operations. Swiggy is a popular online food ordering and delivery platform, which works for ordering and delivering food from restaurants. This platform was created in 2014.
Company’s shares have fallen
Swiggy has become quite popular in the busy life of cities because many times people come home tired from their offices and do not feel like cooking food, so through this, food is ready in minutes. Swiggy was listed on the stock exchange on November 13, 2024. In the last three months alone, the company’s shares have fallen by 38.88%. Since entering the market, the food delivery company’s shares are under heavy pressure.