Delta Corp Limited has received tax notices worth ₹1,752.4 crore for FY22–23, along with its subsidiary Highstreet Cruises and Entertainment Pvt Ltd, over alleged short payment of goods and services tax (GST). The notices, issued under Section 74(1) of the CGST Act and Goa GST Act on March 17, 2026, claim the shortfall is based on estimated gross bet value of casino games rather than gross gaming revenue.
The company said the issue of taxing gross bet value has been an industry concern, with representations already made to the government. It added that similar earlier demands for the period July 2017 to March 2022 are currently stayed by the Supreme Court. Delta Corp stated the present demands are arbitrary and contrary to law and that it will pursue legal remedies.
Delta Corp Limited shares closed at ₹55.28, up ₹2.35 (4.44%).
Tamilnad Mercantile Bank on March 18, also received a tax demand of ₹204.23 crore for the assessment year 2013–14. The Income Tax Department raised the demand under Section 156 after disallowing claims made under Section 36(1)(viia) of the Income Tax Act. The bank said it is in the process of filing an appeal and expects a favourable outcome, adding that the notice will not have a material impact on its financial statements.
Also read: Delta Corp Q2 profit dips 7% amid impact of new gaming law
Tamilnad Mercantile Bank Limited shares closed at ₹632.50, up ₹23.15 (3.80%).
Physicswallah Limited received a tax demand of ₹263.34 crore for the assessment year 2023–24 under Section 143(3) of the Income Tax Act on March 18. The authority treated investments received during the year, including from SEBI-registered Category II AIFs, as taxable income. The company said it has strong legal and factual grounds to file an appeal and does not expect any material impact on its financial position, operations, or business activities.
Physicswallah Limited shares closed at ₹86.82, up ₹6.57 (8.19%).
Also read: PhysicsWallah shares extend losses below IPO price after 45% fall from post-listing high
(Edited by : Shoma Bhattacharjee)
