VL E-Governance & IT Solutions Limited, formerly known as Vakrangee Logistics Private Limited, has received an Income Tax assessment order for the assessment year 2023-24. The order, issued by the Deputy Commissioner of Income Tax (Circle 3(3)(1), Mumbai), includes a tax demand totaling Rs. 94,00,820. This demand comprises a tax amount of Rs. 72,80,775 and interest of Rs. 21,20,043.

Key Details:

The assessment order issued under Section 143(3) of the Income Tax Act, 1961 follows a scrutiny assessment proceeding conducted for the company for the AY 2023-24. While the order accepts the company’s declared income as per its Income Tax Return (ITR), it raises a demand by not allowing Tax Deducted at Source (TDS) credit, leading to a mismatch in the final tax calculation.

Despite the raised demand, VL E-Governance has stated that it believes the demand to be not maintainable. The company is in the process of evaluating possible actions, including filing a rectification application or an appeal against the order. At this stage, VL E-Governance does not foresee any material impact on its financials, operations, or any other business activities arising from the demand.

Assessment Summary:

• The tax demand of Rs. 94,00,820 includes Rs. 72,80,775 in tax dues and Rs. 21,20,043 in interest charges.

• The company has received this order on March 31, 2025, and is still in the process of reviewing the matter.

• According to the company, there are no aberrations or non-compliances identified in the communication from the tax authority.

The company emphasizes that it does not anticipate any penalties, restrictions, or sanctions as a result of the assessment order at this point.

Impact and Next Steps:

VL E-Governance & IT Solutions remains optimistic about the outcome of any potential actions it may take, as the tax demand has been deemed unjustified based on the company’s own assessment. The company will continue to monitor the situation and is exploring its options to rectify or appeal the order.

These updates are being disclosed in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full transparency to stakeholders and the market.

As of now, the company does not expect any significant financial implications to arise from this demand, and VL E-Governance will keep investors and the public informed as the matter progresses.

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