ITAT asks Flipkart to pay Rs 55 crore for Tax Demand

Team SoOLEGAL 12 Feb 2018 11:57am

ITAT asks Flipkart to pay Rs 55 crore for Tax Demand

Mumbai : The Income Tax Appelatte Tribunal (ITAT) in Bengaluru has asked Flipkart to deposit Rs 55 crore and further provide bank guarantees for an amount of 55 crore rupees. By February 28, this comes in the wake of appeal filed by Flipkart in context of tax demand of Rs 110 crore raised by Income Tax authorities for Tax assessment 2015-16. The Income Tax authorities have disallowed to treat discounts offered by Flipkart to its customers as Revenue Expenditure. This led to raising of Tax Demand of Rs 110 crore.

This has been contested by Flipkart but ITAT has refused to stay the tax demand. Such a ruling will have impact on all other online majors such as Amazon, Ola, Uber and others of this kind. Next hearing on the matter is in March.   

Tagged: ITAT   Flipkart  
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