Naukri.com owner Info Edge (India) Limited on Wednesday (March 26) said it has received an income tax demand of ₹17.05 crore under Section 143(3) of the Income Tax Act, 1961, for assessment year 2023-24.
“…we hereby submit the disclosure regarding the Assessment Order w.r.t. Notice of Demand dated March 25, 2025 received from the Assessment Unit, Income Tax Department for Assessment Year 2023‐24,” Info Edge India said in a regulatory filing.
The demand, issued by the Assessment Unit of the Income Tax Department, was received on March 25. The tax demand primarily stems from the disallowance of employee stock option plan (ESOP) expenses claimed by the company.
Info Edge is currently reviewing the assessment order and evaluating its next steps, including the possibility of filing an appeal. The company has noted that similar disallowances for the assessment years 2016-17 and 2022-23 are pending before the Commissioner of Income Tax (CIT) appeal. However, in previous cases dating back to assessment year 2007-08, the Income Tax Appellate Tribunal (ITAT) has ruled in favour of the company.
Info Edge has stated that this will have no material financial impact on its operations or activities in the current financial year. “There is no material impact on financials of the company, no impact on operations or other activities of the company relating to the order passed for the said Assessment year in the current financial year,” it added.
