Krsnaa Diagnostics faces ₹11.3 Crore tax demand for FY19-20.
Krsnaa Diagnostics Limited received assessment orders and demand notices for AY 2018-19 and 2019-20. The total income tax demand aggregates to ₹11.30 crore (₹4.03 crore for AY18-19 and ₹7.26 crore for AY19-20). The company has challenged the orders and expects no operational disruption.
The total demand of ₹11.30 crore is a substantial amount for the company, potentially impacting its financials, though it is classified as a contingent liability and the company expects no operational disruption.
The company has received significant tax demands, which negatively impacts its financial standing and creates uncertainty, despite their confidence in defending the matter.
Krsnaa Diagnostics Limited has disclosed that the Assistant Commissioner of Income Tax, Pune, has issued assessment orders and demand notices under the Income Tax Act, 1961, for the assessment years 2018-19 and 2019-20. These orders follow a search conducted by Income Tax Authorities on the company's premises.
The company has been served with income tax demands aggregating to ₹4,03,75,969 (Tax + Interest) for Assessment Year 2018-19 and ₹7,26,78,730 (Tax + Interest) for Assessment Year 2019-20, totaling ₹11,30,54,699. The due date for payment is 30 days from the date of service of the demand notice.
Krsnaa Diagnostics has challenged these orders before the appropriate appellate/judicial forums and is confident in defending the matter on its merits. The company stated that the requirement for disclosure was identified during a subsequent internal compliance review, and the disclosure is being made forthwith. The aggregate amount of ₹11,30,54,699 is considered a contingent liability, and Ind AS 37 provisioning will be evaluated. The company has confirmed that there will be no operational disruption.
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