“…this is to inform you that in Fortis Hospitals (a material subsidiary of the Company) wherein a demand of ₹89.53 crore was raised by the Income Tax department for Assessment year 2022-23, a Rectification order u/s 154 r.w.s. 143(3) of the Income Tax Act, 1961 has been received wherein mistakes in the aforesaid Order u/s 143(3) of the Income Tax Act, 1961 has been rectified and tax demand has been reduced to Rs Nil,” according to a stock exchange filing.
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The development pertains to the assessment year 2022–23, during which the Income Tax Department had earlier issued a demand under Section 143(3) of the Income Tax Act, 1961. However, Fortis clarified in a stock exchange filing that a rectification order was received on May 5 at 3:19 p.m., correcting the mistakes in the previous order.
The company had originally disclosed the tax demand on March 22, 2024. With this latest update, there is no outstanding liability arising from the previously contested assessment.
Shares of Fortis Healthcare Ltd ended at ₹677.30, down by ₹0.65, or 0.096%, on the BSE.
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