E-commerce platform Meesho faces a significant tax demand of nearly Rs 1,500 crore from the Income Tax Department for the assessment year 2023-24. The tax authority issued an assessment order under Section 143(3) of the Income-tax Act, coupled with a demand notice under Section 156, totaling Rs 1,499.7 crore, inclusive of applicable interest.
These demands stem from adjustments made by the tax department to the company’s reported income for the assessment year. Meesho has expressed disagreement with the observations and adjustments, asserting its intention to contest the demand on legal and factual grounds while safeguarding its interests.
Notably, a similar demand was made for the previous assessment year (2022–23), with an interim stay granted by the Karnataka High Court, indicating ongoing legal proceedings. Meesho remains optimistic that these developments will not severely impact its financial standing or operations.
Despite the tax scrutiny, Meesho reported a 31% year-on-year growth in operating revenue, reaching Rs 3,517.5 crore in Q3 FY26. However, the company also faced a substantial increase in losses, surging over 13 times to Rs 490 crore during the same period.
Following these events, Meesho’s market capitalization stood at approximately $7.9 billion as its shares closed at Rs 158.6 at the end of the recent trading session.
Source: Entrackr : Latest Posts