Themis Medicare Receives Income Tax Notice for ₹13.32 Crore Demand
Themis Medicare Limited received a notice from the Income Tax Department for outstanding tax demands totaling approximately ₹13.32 crore for assessment years 2017-18, 2018-19, and 2020-21. The company is preparing to file an appeal and believes the matter will not adversely impact its financial operations.
While the company states no adverse impact, a tax demand of ₹13.32 crore is material and could potentially affect finances if the appeal is unsuccessful. The ongoing appeal process introduces uncertainty.
The company received a tax demand notice, which is a negative event. However, the company believes it has strong grounds for appeal and asserts no adverse impact on its financials or operations, balancing the negative aspect.
Themis Medicare Limited has received a notice under Section 226(3) of the Income Tax Act, 1961, from the Office of the Assistant Commissioner of Income Tax, Vapi Circle. This notice pertains to outstanding tax demands for assessment years 2017-18, 2018-19, and 2020-21.
The aggregate demand amounts to approximately ₹13.32 crore, with specific amounts of ₹8.71 crore for AY 2017-18, ₹4.17 crore for AY 2018-19, and ₹0.44 crore for AY 2020-21.
The company is actively taking steps to address the situation, including preferring an appeal to defend the matter within the prescribed timelines. Themis Medicare Limited stated that it believes it has adequate factual and legal grounds to substantiate its position and that the matter does not have any adverse impact on the financial position or operations of the company.
What to do with a filing like this
Themis Medicare Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Themis Medicare Limited. Read the original for the full detail.