New Delhi, March 27 NIIT Learning Systems Ltd (NIIT MTS), a corporate training solutions provider, has received a demand notice of ₹14.93 crore from the Income Tax Department for the assessment year 2023-24, according to a regulatory filing on Friday.
"The Assessment Unit of the Income Tax Department, under the faceless assessment proceedings, has passed an order under Section 143(3) and issued a Notice of Demand under Section 156 of the Income-tax Act, 1961, for the Assessment Year 2023-24 for an amount of ₹14,93,39,220 (including interest)," the company said.
However, it stated that the demand has arisen due to an "apparent error" in the computation sheet, including a short credit of prepaid taxes, and it does not expect any impact on its financials or operations.
"Based on the facts of the case and professional advice, the company believes that the demand is not sustainable and is expected to be rectified. The company is in the process of filing an application for rectification under Section 154 of the Income-tax Act, 1961…"