GTL Limited has disclosed that it has received a notice of demand amounting to Rs 59.38 crore from the Income Tax Department under Section 156 of the Income Tax Act, 1961. The notice pertains to the Assessment Year 2017–18, following an order passed under Section 147 read with Section 144B.
According to the company’s statement to stock exchanges, the assessment order includes certain additions and disallowances to the returned income, leading to the raised demand. The communication was issued by the Assessment Unit of the National Faceless Assessment Centre and was received on March 27, 2025.
The company stated that it considers the demand erroneous and does not foresee any material financial, operational, or other impacts. GTL Limited further confirmed that no penalties, restrictions, or sanctions have been imposed in the current order, although a notice for potential penalty proceedings has been issued under Section 274 read with Section 270A.
The company is currently in the process of filing a rectification and appeal before the higher tax authorities and intends to contest the matter on its merits.
