Tax Notice of ₹89.53 Crore to Fortis Healthcare Withdrawn Following Rectification

Fortis Hospitals Ltd, which is a subsidiary of Fortis Healthcare, received a tax demand of ₹89.53 crores from the Income Tax Department for Assessment Year 2022–23. Here are the key highlights for your better understanding. 

• This tax demand was raised under Section 143(3) of the Income Tax Act, 1961, and issued on March 21, 2024. Moreover, it has an interest amounting to ₹9.54 crores. 
• However, the company announced that it has received a rectification order from the Income Tax Department on 5th May 2025 at 3:19 p.m. After this order, the raised tax demand of ₹89.53 crores is nullified.
• Following the corrections in previous assessment, the revised order was issued under Section 154 read with Section 143(3) of the Income Tax Act, 1961. 
• The company announced that no outstanding liability remains due for the assessment period after this nullification of the tax demand, thus formally closing tax matters.

Fortis Healthcare Share Performance

• Despite the tax demand nullification resulting in a favourable outcome, the stock price of Fortis Healthcare on 5th May 2025 closed at slightly lower price. 
• However, as of 7th May 2025, the stock is trading at ₹681.75, reflecting increase of 2.20% over past week.

Final Thoughts

Fortis Healthcare has managed to maintain its reputation in the market after the tax demand was nullified by the Income Tax Department on 5th May 2025. Further, the company has confirmed that it has no outstanding liabilities for the assessment period.

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Disclaimer: Investment in the share market is subject to risk. This news article is for informational purposes only. Conduct your own research before investing in shares and other securities. 

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