Crest Ventures Limited provided the details of the Assessment Order passed by the Income Tax Authority. The Income Tax Order will have no adverse material impact on the financial operations of the Company and the same shall be contested by the Company by way of filing rectification application before the Tax Authority in accordance with the applicable provisions under the Income Tax Act, 1961. Name of the authority: Office of the Assistant Commissioner of Income Tax, Mumbai.

Nature - Income Tax Order. Period involved -Assessment Year 2015-2016. (Financial year 2014-2015): Tax demand ­ INR 5.2 million, Interest ­ INR 4.2 million.

Penalty ? Nil. Pursuant to an SMS received by the Company on May 16, 2024 from Centralized Processing Centre, Income Tax Department, stating an order has been uploaded on Income Tax portal, the Company has downloaded the Order from the portal on May 17, 2024.

The Income Tax Department had previously raised erroneous tax demand of INR 37.9 million vide Order passed under Section 147 read with section 144B of the Income Tax Act dated March 09, 2022 without giving credit for any prepaid taxes (that is TDS, Advance Tax, Self Assessment Tax, Dividend Distribution Tax, etc) to the Company. The erroneous tax demand of INR 37.9 million previously raised, now stands decreased to INR 9.4 million vide Rectification Order under Section 154 dated February 06, 2024 (received on May 17, 2024). The Company is in the process of filing rectification application before the Tax Authority with respect to the Rectification Order for a) the short credit of the TDS and; b) non consideration of the tax paid by the Company under the "The Direct Tax Vivad Se Vishwas Rules, 2020".