Gujarat State Petronet Limited (GSPL) has received an Income Tax order resulting in an erroneous demand of ₹77.76 crore. The discrepancy arose from a computational mistake by the Income Tax Department, which incorrectly assessed the company’s total income.
The order, issued under Section 143(3) read with Section 144B of the Income-Tax Act, 1961, was received on 23 March 2026, as per the details provided in the company’s regulatory filing. The order pertains to the assessment year 2024-25, corresponding to the financial year 2023-24.
The Income Tax Department’s scrutiny assessment order accepted the returned income as the assessed income without making any additions or disallowances. However, in the tax computation sheet, the department erroneously recorded the total income as ₹1,683 crore instead of the correct figure of ₹1,435 crore. This miscalculation resulted in an increase in total income by ₹248 crore, leading to the demand of ₹77.76 crore, including interest.
GSPL has clarified that this is a mistake apparent on the record of the tax department and not a violation of law by the company. The company does not foresee any material financial implications at this stage due to the error.
To address the issue, GSPL plans to file an application for rectification of the mistake along with a stay of demand before the Assessing Officer (AO). The company is confident that the demand will be nullified once the rectification process is completed by the AO.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).