New Delhi, March 18 Edtech firm Physicswallah has received a notice from the Income Tax Department demanding Rs 263.34 crore for the assessment year 2023-24.
The demand was raised after the Income Tax Department treated the funds received by the company from investors, including funds from SEBI-registered Category II Alternative Investment Funds (AIFs), as taxable income, Physicswallah said in a regulatory filing.
The company plans to challenge the assessment order.
"Based on its preliminary assessment, the company believes that it has strong legal and factual grounds to file an appeal before the appropriate appellate authority," Physicswallah said.
PhysicsWallah reported a 33 per cent increase in consolidated profit to Rs 102.27 crore in the December quarter.
Its revenue from operations also grew about 33 per cent to Rs 1,082.41 crore during the quarter from Rs 809.67 crore a year earlier.
Shares of Physicswallah closed 7.87 per cent higher at Rs 86.81 on the BSE on Wednesday. The regulatory filing was made after market hours.