Megasoft has appealed against a demand for ₹23 crore from the Income Tax Department in the quarter ended December 31, 2013. It, however, said it had not made any provision in the books after taking into consideration legal advice. In a filing in Bombay Stock Exchange, GV Kumar, Managing Director of Megasoft, said the company had moved against certain additions by the IT authorities. The company registered flat revenues of ₹28.85 crore at the end of December quarter (fourth quarter) as against ₹29.38 crore in the same quarter previous year. Net profit stood at ₹24 lakh (₹ 29 lakh). For the full year, it posted revenues of ₹105 crore, lower than ₹115 crore it registered in 2012, he said.
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