Le Travenues Technology Limited has received an Assessment Order from the Income Tax Department for the Assessment Year 2024-25, dated March 24, 2026. The order includes disallowance of expenses totaling Rs. 1,01,50,336/-, leading to a demand for tax of Rs. 45,49,685/-. Additionally, it erroneously includes a tax demand of Rs. 7,52,05,398/- related to Buy Back of Shares, which was already paid. The Company states it has a strong case on merits and plans to file the requisite appeal.
Income Tax Assessment Order Received
Le Travenues Technology Limited announced the receipt of an Assessment Order from the Income Tax Department. This communication pertains to the Assessment Year 2024-25 (Financial Year 2023-24) and was received on March 24, 2026.
Key Financial Discrepancies in Demand Notice
The communication details the following material actions taken by the Assessing Officer:
- Disallowance of expenses amounting to Rs. 1,01,50,336/-.
- A resulting tax demand of Rs. 45,49,685/- on the disallowed amount.
Furthermore, the Company noted a significant error concerning prior tax liabilities:
- Inclusion of tax demand of Rs. 7,52,05,398/- related to the Buy Back of Shares under Section 115QA. The Company explicitly states this amount has already been paid and was erroneously included in the current Demand Notice despite complete facts being on record.
Company’s Stance and Next Steps
The Company believes the Assessment Order contains prima facie errors in the calculations. The management is confident that they possess a strong case on merits to contest the Order. Consequently, the Company confirms its intention to file the requisite appeal with the appropriate authorities within the prescribed timeline to challenge the assessment.
Penalties and Financial Implications
The received Demand Notice references potential penalty proceedings under Section 270A and Section 271AAC (1) of the Income Tax Act, 1961. Despite the disallowances and penalty references, the Company maintains that there will be Nil financial implications, excluding the legal and other expenses expected to be incurred while contesting the matter, based on their strong belief in the merits of their case.
Source: BSE
