Edtech firm Physicswallah has received an income tax demand notice of Rs 263.34 crore for the assessment year 2023-24.
The demand was raised after the Income Tax Department treated investments received by the company from investors during the period, including funds from SEBI-registered Category II Alternative Investment Funds (AIF), 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 posted about 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 settled 7.87 per cent higher at Rs 86.81 crore on the BSE on Wednesday. The statutory filing was made post-market hours.
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