Yatharth Hospital & Trauma Care Services Limited has received final assessment orders from the Income Tax Department, resulting in aggregate demands of ₹43.8 Crores plus interest for the company and its subsidiaries. While assessment proceedings have concluded, the company plans to file appeals with the CIT (Appeals) seeking substantial relief and anticipates no provision will be required in financial statements.
Income Tax Proceedings Concluded for Yatharth Hospitals
Yatharth Hospital & Trauma Care Services Limited, along with its subsidiaries AKS Medical & Research Centre Private Limited and Ramraja Multispeciality Hospital & Trauma Centre Private Limited, has received final assessment orders from the Deputy Commissioner of Income Tax, Central Circle-28, Delhi. These orders have concluded the income tax assessment proceedings for various assessment years up to AY 2024-25.
Aggregate Tax Demands Identified
The company and its subsidiaries face aggregate demands totaling approximately ₹43.8 Crores, plus applicable interest. Specifically, the company has been assessed demands of ₹29.66 Crores plus interest of ₹11.42 Crores for AY 2014-15 to AY 2024-25. AKS Medical & Research Centre has demands of ₹8.50 Crores plus interest of ₹2.48 Crores for AY 2022-23 to AY 2024-25. Ramraja Multispeciality Hospital & Trauma Centre faces demands of ₹5.64 Crores plus interest of ₹2.04 Crores for AY 2023-24.
Appeals to be Filed Seeking Relief
Following advice from external tax consultants, the Company and its subsidiaries are in the process of filing appeals before the Commissioner of Income Tax (Appeals). Yatharth Hospitals expresses confidence in obtaining substantial relief during these appellate proceedings, anticipating a significant reduction in the identified demands. Based on this internal assessment, the company believes no provision is currently necessary in its financial statements regarding these matters.
The announcement is available on the company’s website at https://www.yatharthhospitals.com/investors/corporate-announcements.
Source: BSE
