Meesho slapped with Rs 1,500 crore income tax demand; vows to fight order

• E-commerce platform Meesho received an income tax demand of approximately Rs 1,500 crore for assessment year 2023-24.
• The demand, totaling Rs 1,499,73,82,840 including interest, was issued under Sections 143(3) and 156 of the Income Tax Act.
• Meesho stated it disagrees with the assessment and plans to challenge the order, believing it has strong legal and factual grounds.
• A similar tax demand for AY 2022-23 is currently pending before the Karnataka High Court, which granted an interim stay.
• This notice follows Meesho's Q3 net loss widening 12-fold to Rs 491 crore, despite a 32% increase in revenue.