NIIT MTS Faces Rs 14.93 Crore Tax Demand: A Rectifiable Mistake

NIIT Learning Systems Ltd, known as NIIT MTS, has received a demand notice worth Rs 14.93 crore from the Income Tax Department for the 2023-24 assessment year. The company attributes the demand to a computational error and plans to seek correction without anticipating financial impact.

Corporate training solutions provider, NIIT Learning Systems Ltd (NIIT MTS), is contending with a Rs 14.93 crore tax demand from the Income Tax Department for assessment year 2023-24. The notice, arising from faceless assessment proceedings, cites an error in the computation.

The Assessment Unit issued a Notice of Demand under Sections 143(3) and 156 of the Income-tax Act, 1961, prompting NIIT MTS to respond. Faced with this demand, NIIT MTS highlighted an apparent mistake involving short credit of prepaid taxes as a cause.

Confident in their position, NIIT MTS plans to file an application for rectification under Section 154, asserting that the demand will be corrected without impacting their financials or operations.

(With inputs from agencies.)