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Entertainment Network (India) Limited ( (IN:ENIL) ) has provided an announcement.
Entertainment Network (India) Limited has disclosed that it received an income tax assessment order under Section 143(3) of the Income Tax Act for assessment year 2024-25, raising a demand of Rs 113.20 crore including interest. The order follows alleged additions and adjustments to the company’s reported income, which ENIL is currently reviewing.
The company has stated it does not agree with the tax department’s observations and believes it has sufficient legal and factual grounds to contest the demand. Management emphasized that the assessment order and accompanying demand notice are not expected to have any major adverse impact on ENIL’s financial position, operations or other activities, offering some reassurance to investors and other stakeholders.
More about Entertainment Network (India) Limited
Entertainment Network (India) Limited operates in the media and entertainment industry, best known for its radio broadcasting and related audio entertainment services under the Times Group umbrella. The company focuses on the Indian market, offering advertising-driven radio and digital audio solutions to brands and consumers across multiple cities.
Average Trading Volume: 2,773
Technical Sentiment Signal: Sell
Current Market Cap: 5.03B INR
For a thorough assessment of ENIL stock, go to TipRanks’ Stock Analysis page.