Music Broadcast Limited has received an income tax demand order of ₹24.46 lakh under Section 156 of the Income-Tax Act, 1961 for assessment year 2010-11. The company disclosed this development to stock exchanges under Regulation 30 of SEBI Listing Regulations on March 30, 2026.

Tax Demand Details

The demand order was issued by the Office of Assistant Commissioner of Income Tax, Circle 14(1)(1), Mumbai. The order, dated March 27, 2026, was received by the company on March 30, 2026 at approximately 03:59 P.M. from the Tax Department by a company official.

Company's Response and Impact Assessment

Music Broadcast Limited has indicated that it will file an appeal against the tax demand order. The company has assessed that there is no material impact on its financials, operations or other activities due to this order.

Based on preliminary assessment and legal advice received, the company believes it has reasonable grounds and merits in the matter. Music Broadcast Limited stated it has a reasonable chance of success in the proposed appeal and accordingly does not expect any material adverse financial impact at this stage.

Regulatory Compliance

The disclosure was made in compliance with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026, as amended, read with Regulation 30 of Listing Regulations and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated February 25, 2025.

The information was communicated to both NSE and BSE as part of the company's ongoing disclosure obligations under securities regulations.

Music Broadcast Limited has received a significant favorable outcome from GST authorities, with a rectification order completely eliminating a tax demand that originally stood at Rs. 89,63,361/-. The company announced this development through a regulatory filing on March 23, 2026, marking a complete resolution of the GST matter for financial year 2021-22.

Rectification Order Details

The Office of Deputy Commissioner, Lucknow issued the rectification order on March 19, 2026, reducing the entire demand amount to Rs. 0, including penalty. This represents a complete reversal from the original demand of Rs. 89,63,361/- that was issued under Section 73 of IGST/CGST/SGST Act, 2017.

Background and Timeline

The company had previously informed exchanges about receiving the original demand order through an intimation letter dated December 22, 2025. Following this, Music Broadcast Limited filed a rectification application challenging the GST demand order.

The rectification order was received by the company's Tax Department on March 19, 2026. After internal assessment confirming no penalty had been imposed, the order was subsequently received by the Company Secretary on March 23, 2026.

Regulatory Compliance

The disclosure has been made in compliance with Regulation 30 of SEBI Listing Regulations and relevant SEBI circulars. The company has provided detailed information as required under SEBI Master Circular and other applicable provisions.

Company Response

The favorable rectification order eliminates any financial liability that could have impacted the company's operations. Music Broadcast Limited's proactive approach in filing the rectification application has resulted in a complete waiver of the original GST demand and associated penalties.

The company has fulfilled all regulatory disclosure requirements by informing both NSE and BSE about this material development. Company Secretary and Compliance Officer Arpita Kapoor signed the regulatory filing, ensuring proper compliance with listing obligations.