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A demand notice of Rs 739.68 crore (AY 2016-17) and Rs 927.03 crore (AY 2017-18) was raised by the assessing officer, against which the company had preferred appeal before CIT-Appeal.
The CIT-Appeal has now passed the respective orders, wherein the revision to the taxable income on account of tax treatment of certain incentives received by the firm from manufacturers with the acquisition of the aircraft and engine and disallowance of certain expenses has been confirmed without granting an opportunity of personal hearing and adjudicating the matter on merits.
IndiGo believes, based on legal advice from counsels, that the views taken by authority are not sustainable. The company added that it will contest the same and will take appropriate legal remedies.
InterGlobe Aviation in the low cost carrier (LCC) segment of the airline industry in India. The principal activities of the Company comprises of air transportation which includes passenger and cargo services and providing related allied services including in-flight sales.
The company reported consolidated net profit of Rs 188.93 crore in Q2 FY24 as against net loss of Rs 1,583.33 crore reported in Q2 FY23. Net sales jumped 19.6% YoY to Rs 14,943.88 crore in Q2 FY24.
The scrip rose 0.12% to currently trade at Rs 2,605.20 on the BSE.
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