Shadowfax Technologies files confidential draft IPO papers; seeks to raise up to Rs 2,500 cr
IPO
) through a confidential pre-filing route, with an aim to raise Rs 2,000-2,500 crore, industry sources familiar with the development said.
The company could be valued at around Rs 8,500 crore, they added.
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The IPO is a mix of fresh issue and an offer-for-sale (OFS) by existing shareholders.
In a public announcement on Tuesday, Shadowfax Technologies said it has "pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its
equity
shares on the main-board of the stock exchanges".
The company plans to utilize the proceeds of the fresh issue towards enhancing capacity, driving growth, and further investments in the company's network business, the sources said.
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Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.
The e-commerce segment is the major
revenue
contributor,
accounting
for around 75 per cent of the company's business and the remaining comes from
quick commerce
and hyperlocal deliveries.
In its last fundraise in February, the company garnered a primary and secondary
capital
at an approximate valuation of Rs 6,000 crore.
Shadowfax is India's leading logistics service provider for e-commerce express parcel and value-added services. It has a distribution network covering over 2,200 cities and more than 14,300 PIN codes.
The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
In recent months, Gaja Alternative Asset Management, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.
Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.
Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage.
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India and UK sign free trade agreement, PM Modi says farmers, MSMEs will benefit
India and the United Kingdom on Thursday signed a Comprehensive Economic Trade Agreement. The free trade agreement was signed by Commerce Minister Piyush Goyal and his British counterpart Jonanthan Reynolds during Prime Minister Narendra Modi's visit to the United Kingdom. 'Today marks a historic day in our bilateral relations,' Modi said in a press statement beside UK Prime Minister Keir Starmer after the signing. He said that the agreement aimed to benefit Indian farmers, the micro, small and medium enterprises sector, footwear and jewellery exports, as well as the seafood and engineering goods sectors. Modi also said that British medical devices and aerospace parts would be more easily sold in India. Starmer, on his part, said that the trade deal would help British workers in cutting-edge manufacturing, and would also benefit whiskey distillers across Scotland and the service sector in London, Manchester and Leeds. The UK prime minister said that the agreement was 'the biggest and most economically significant' trade deal the United Kingdom has made since Brexit – when Britain exited the European Union in 2016. The UK government said that the trade deal was set to increase bilateral trade between the two countries by nearly 39% in the long run, The Indian Express reported. This would be equivalent to $34 billion a year compared with the projected 2040 levels of trade in the absence of an agreement, currently at $21 billion annually. In his statement, Modi also thanked Starmer for his support after the Pahalgam terror attack. 'We are united in the belief that there is no place for double standards in the fight against terrorism,' the Indian prime minister said. The terror attack at Baisaran near Pahalgam town in Jammu and Kashmir on April 22 left 26 persons dead and 16 injured. The terrorists targeted tourists after asking their names to ascertain their religion, the police said. All but three of those killed were Hindu. 'We also agree that the forces which espouse extremist ideologies should not be allowed to misuse democratic freedoms,' Modi added. 'Those who misuse democratic freedoms to undermine democracy itself must be held to account.' The Indian prime minister also said that 'today's era demands development, not expansionism'. New Delhi and Britain had announced the free trade agreement in May after more than three years and 14 rounds of negotiations. With the agreement, India opens its doors to high-end British cars and whisky in a phased manner. The agreement ensures comprehensive market access for goods across all sectors, covering all of India's export interests, The Indian Express reported. India's Commerce and Industry Ministry had earlier said that the country would benefit from tariff elimination on approximately 99% of tariff lines, covering nearly 100% of trade value.
Economic Times
15 minutes ago
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Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details
ET Online ITAT: Penalty of Rs 1.4 lakh deleted despite a taxpayer claiming false income tax deductions to reduce his income by 50%; Know the details The Income Tax Department imposed a penalty equivalent to 17% of Mr Shinde's salary after it was proved that he had claimed false income tax deductions to under-report his income by about 50% to lower his net income tax liability. The penalty imposed by the income tax department amounted to Rs 1.4 lakh. Shinde's actual salary was Rs 8 lakh a year, which he reported as only Rs 4 lakh. Although this might look like a fair punishment for someone who wilfully evaded paying income tax, Mr Shinde argued in court that he was just an innocent employee with a technical background. He said that like him, many other employees from companies like Ceat, Bosch, HAL, Mahindra and Mahindra among others, relied on a tax consultant named Mr Patil to file their Income Tax Returns (ITRs). Patil assured them that he was an expert in tax law and could legally calculate a lower tax, leading to a refund of the TDS deducted by their employer. Shinde's lawyers told ITAT Pune: 'The assessee was unaware about the contents of the Income Tax Return (ITR) filed by Patil & truly believed that the returns are filed legally as per the provisions of the Income Tax Act.' Shinde also informed the court that as soon as he found out about this illegal act of claiming false tax deductions, he had filed a complaint in the Economic Offence Wing, Maharashtra Police against Patil. Moreover, Shinde also paid the full tax amount plus interest, just like he was supposed to, without claiming any bogus tax deductions. However, the income tax department stated that even though he returned the owed tax with interest, he should still face penalty for committing this offence and for not voluntarily submitting a revised first, Shinde filed an appeal against the penalty of Rs 1.4 lakh that the tax department slapped on him with the Commissioner of Appeals (CIT (Appeals)). However, CIT (Appeals) rejected the appeal, leading Shinde to take his case to ITAT Pune. There, he won the case and the entire penalty of Rs 1.4 lakh was cancelled. The main reason why Shinde won this case is because ITAT Pune recognized his good behavior. Shinde, pointed out the illegal actions of his tax consultant (Patil) and also returned the full amount of the income tax owed, along with interest, just as the law required. ITAT Pune said: '....It is found that when the notice under Section 148 was issued, the appellant (Shinde) has disclosed his correct income & paid the due tax before issue of notice. We also find that the Assessing Officer of Income Tax Department has accepted the return (ITR) as it is which was furnished by the appellant (Shinde) in response to the notice u/s 148. We cannot accept the contention of Ld. DR (income tax department lawyer) that the revised return (revised ITR) was not voluntary, therefore the penalty u/s 270(A) of the Act is inevitable….'Check out the info below to find out why and under what circumstances Shinde managed to win this income tax penalty case despite claiming false tax deductions to declare lower income and pay less tax. How did this income tax penalty case for claiming false tax deductions start? According to ITAT Pune judgement dated May 8, 2025. Here's the timeline of events: FY 2017-18: Patil filed Shinde's ITR declaring taxable income of Rs 4 lakh (407,090) by claiming multiple income tax deductions. Patil filed Shinde's ITR declaring taxable income of Rs 4 lakh (407,090) by claiming multiple income tax deductions. May 28, 2019: Shinde came to know that Patil claimed excess tax refund by claiming many false tax deductions. He immediately paid back the due tax with interest. However, the revised ITR could not be filed voluntarily since the date to file one was over. Shinde came to know that Patil claimed excess tax refund by claiming many false tax deductions. He immediately paid back the due tax with interest. However, the revised ITR could not be filed voluntarily since the date to file one was over. February 2020: The Income Tax Department Assessing Officer (AO), on the basis of information received from the Income Tax Officer, (Investigation), that Shinde has claimed excess deductions, initiated proceeding under Section 147 after obtaining approval from the authorities and accordingly, a notice under Section 148 was issued. The Income Tax Department Assessing Officer (AO), on the basis of information received from the Income Tax Officer, (Investigation), that Shinde has claimed excess deductions, initiated proceeding under Section 147 after obtaining approval from the authorities and accordingly, a notice under Section 148 was issued. March 11, 2020: Shinde filed an ITR in response to notice under Section 148, declaring taxable income of Rs 8 lakh (8,32,990). Shinde filed an ITR in response to notice under Section 148, declaring taxable income of Rs 8 lakh (8,32,990). March 2, 2021: The Income Tax Department completed the assessment of Shinde's ITR under Section 147 by accepting it. The Income Tax Department completed the assessment of Shinde's ITR under Section 147 by accepting it. September 12, 2021: The Income Tax Department Assessing Officer (AO) imposed a penalty of Rs 1.4 lakh (1,46,760) under Section 270A(8) for under-reporting of income in consequence of misreporting. Shinde filed an appeal in CIT (A) against this penalty order. The Income Tax Department Assessing Officer (AO) imposed a penalty of Rs 1.4 lakh (1,46,760) under Section 270A(8) for under-reporting of income in consequence of misreporting. Shinde filed an appeal in CIT (A) against this penalty order. September 27, 2024: CIT (Appeals) dismissed Shinde's appeal and confirmed the penalty of Rs 1.4 lakh (1,46,760) imposed u/s 270A(8). It is this order of CIT (Appeals) against which Shinde filed an appeal before ITAT (Pune). Also read: Income Tax Bill 2025: Income from house property taxation related two key amendments suggested by select committee, know the impact ITAT Pune's investigation found that Shinde was cheated by Patil to conduct this tax fraud According to the judgement order, here's what ITAT Pune said:(No part of the judgement is altered and the same is presented below as it is) 'We find that the assessee (Shinde) is a salaried employee & belongs to a technical background. The return (ITR) of most of the employees of CEAT LTD, Bosch Company, HAL & M & M including that of the assessee (Shinde) was filed by a tax consultant namely Patil. We further find that the assessee (Shinde) came to know from other employees in the company that Patil with his expertise is able to legally calculate lower tax, resulting in a refund of TDS deducted by the employer. The assessee (Shinde) was unaware about the contents of the Income Tax Return filed by Patil & truly believed that the returns (ITR) are filed legally as per the provisions of the Income Tax Act. The assessee being from technical background does not understand ABCD of Income Tax & therefore completely relied on the above named tax consultant, who without informing him & others, claimed excess deduction under chapter VI-A of the IT Act & claimed refund. It was Patil who cheated all the employees & claimed excess deduction in their returns without informing them for his own benefit. The fact of the cheating came to light when a survey u/s 133A was conducted at the premises of Patil. When the fact that this kind of fraud was made in the name of a number of persons all of them complaint to the Economic Offence Wing of Police, against the tax consultant Patil. It is also apparent that there is no mistake of the assessee but it was the hidden interest of the tax consultant who triggered the gun by using the shoulders of the assessee & many more for his own benefit.' Also read: Capital gain on property: How to pay lower LTCG tax using indexation benefit What did ITAT Pune say about Shinde's action post the fraud coming to his notice According to the judgement order, here's what ITAT Pune said: It is also found that as soon as the fact of excess deduction claimed, came to the knowledge of the assessee (Shinde) he immediately paid the due tax with interest, even before the issue of notice under Section 148 & contacted another genuine tax consultant who prepared and furnished correct return in response to the notice under Section 148. We find that the Assessing Officer has levied a penalty under Section 270(A) of Rs 1,46,760 on the basis of the fact that the correct income was not returned voluntarily but only after issue of notice under Section 148. It is also found that when the notice under Section 148 was issued the appellant (Shinde) has disclosed his correct income & paid the due tax before issue of notice. We also find that the Income Tax Department Assessing Officer has accepted the return as it is, which was furnished by the appellant (Shinde) in response to the notice under Section 148. ITAT Pune final judgement ITAT Pune deleted the tax notice and thus the penalty of Rs 1.4 lakh stood what ITAT Pune said: We cannot accept the contention of Ld. DR (Income Tax Department lawyer) that the revised return was not voluntary therefore the penalty under Section 270(A) is inevitable. In this regard the contention of counsel (Shinde's lawyer) is also important wherein he stated that the due tax along-with interest was already paid before the issue of notice under Section 148 & admittedly the return of income (ITR) could not be filed as the due date was already over. We find force in the arguments of the counsel of the assessee (Shinde) that the amount of tax & interest was deposited voluntarily much prior to the issue of notice under Section 148 since the income tax with interest was deposited by the assessee on 28-05-2019 whereas the notice under Section 148 was issued on 25-02-2020. Judgement: 'Considering the totality of the facts of the case, we are of the considered opinion that this is not a fit case to impose penalty u/s 270(A) & accordingly the order passed by Ld. CIT(A)/NFAC is set-aside & the Assessing Officer is directed to delete the penalty of Rs 1,46,760 imposed u/s 270(A). Thus, the grounds of appeal raised by the assessee are allowed.' What is the significance of this judgement for other taxpayers? ET Wealth Online reached out to a number of lawyers and chartered accountants to get their take on the importance of this judgement for other taxpayers. Here's what they said: Rahul Sateeja, Partner, DMD Advocates, says: 'This ruling marks a significant development in tax penalty jurisprudence. It emphasises that even under the newer Section 270A regime, tax penalties are not merely about ticking boxes but involve a fair process that considers the taxpayer's intent and actions. The key takeaway from this ruling is that it reassures taxpayers that if they are honest and proactive—even when faced with mistakes or misleading advice—they are protected by law. Salaried taxpayers and those relying on consultants now see a tribunal recognising their situation and not penalising them for third-party misleading advice or fraud.' Gopal Bohra, direct tax partner, N. A. Shah Associates LLP says: 'In this case, the taxpayer was unaware about the incorrect or excessive claims made by the consultant in his income tax return and had relied entirely upon the consultant's expertise. Subsequently, when he came to know about the incorrect or excessive claim in his return, he promptly recomputed the correct tax liability and interest thereon and voluntarily deposited. This he has done before any notice could be issued by the tax department and this proactive approach saved him from penal consequences. While the applicability of this decision to other cases would depend on the specific facts involved, however, this may serve as a relevant precedent in a situation where a taxpayer voluntarily pays the correct tax and interest before receiving any notice, and is able to demonstrate bona fide reliance on third party consultant along with a lack of his personal knowledge of the tax laws.' Kunal Savani, Partner, Cyril Amarchand Mangaldas, says: 'This is a welcome judgment, particularly in times where taxpayers often face genuine hardship in filing a revised ITR beyond the prescribed due date. The judgment also underscores the bona fide of a taxpayer and the principle that the taxpayer must approach with clean hands, as was demonstrated in this case, where the taxpayer proactively paid the taxes along with applicable interest immediately upon being made aware of the consultant's error, and notably, even before receiving any demand notice.' Ritika Nayyar, Partner, Singhania & Co., says: 'The judgment lays emphasis that due to the assessee's bonafide intentions, proactiveness to make things right, no intention of tax evasion would have weightage over mistakes done in ITR without his knowledge, even if it led to under reporting of income. If the assessee due to his different technical background, fully relied on his tax consultant, who undertook a fraudulent act for which the assessee had no knowledge and as soon as he became aware, he rectified it suo moto, and should not be held responsible or punished ( be it financially) for someone else's malafide act. So if one is aware and prompt in his corrective actions, along with facts and evidence, he can demonstrate his genuine position and get relief from such a penalty.' Jay N. Bhansali, Advocate, Bombay High court, says: 'In the said case, involving peculiar facts, the Appellate Tribunal held that improper deduction claimed in reliance on professional advice—being influenced by an advisor's hidden agenda—should not attract penalties if there was no willful intent by the taxpayer to evade tax. It further clarified that taxpayers who voluntarily correct such errors and pay taxes before detection may be spared from penal consequences. The ruling reaffirms the principle that not every ineligible claim warrants a penalty, especially in cases of bona fide error. With the Income-tax Department intensifying scrutiny of improper deductions, this decision offers timely relief to similarly affected taxpayers.' N.R. 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15 minutes ago
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ET Soonicorns Summit 2025: Forging a digital India for a billion people with AI for Bharat
Academy Empower your mind, elevate your skills Sumanth Naropanth - CEO, Deep Armor and Gauntlet - CEO, Deep Armor and Gauntlet Jai Asundi - Executive Director, Center for Study of Science, Technology and Policy (CSTEP) - Executive Director, Center for Study of Science, Technology and Policy (CSTEP) Adarsh Natarajan - CEO, Aindra (AI-powered medtech) - CEO, Aindra (AI-powered medtech) Abhinav Aggarwal - Founder & CEO, Fluid AI - Founder & CEO, Fluid AI Ankit Bose - Head, Nasscom AI - Head, Nasscom AI Jyotsna Jayaram - Partner, Trilegal The strategic roadmap for building a sovereign AI infrastructure powered by localised data centers. How startups can effectively develop AI solutions that cater to India's vast linguistic and cultural diversity. The crucial interplay between government policy, private investment, and regulatory frameworks in scaling India's AI capabilities. Real-world case studies of 'AI for Bharat' in critical sectors like healthcare and finance. Actionable strategies for bridging the digital divide to ensure an inclusive AI-driven future for all Indians. As India solidifies its position as a global technology powerhouse, a crucial question is taking centre stage: How can the nation build artificial intelligence (AI) that serves its uniquely diverse population? The upcoming ET Soonicorns Summit 2025 will address this question head-on in a pivotal session titled, 'AI for Bharat: How Localised Data Centres Can Bridge the Digital Divide with Indian Solutions.'The conversation will move beyond generic AI discourse to address the foundational elements required to create AI solutions for India's diverse cultural and linguistic landscape. This includes a deep dive into the critical role of localised data centres—the engine of the AI revolution. The session will bring together some of the leading minds from the startup ecosystem, policy research, and legal sectors to explore India's path digital economy is expanding rapidly and is projected to contribute nearly a fifth of the nation's gross domestic product (GDP) by 2030 . Fuelling this growth is the swift adoption of AI, with India's Generative (Gen) AI market expected to surge from approximately USD 1.1 billion in 2025 to USD 6.4 billion by 2030 . To truly harness this potential for every citizen, developing 'AI for Bharat' is not just an opportunity but a necessity. This means creating AI solutions that understand and cater to India's multitude of languages and cultural nuances, a task that requires massive, localised datasets and the infrastructure to process is where the significance of local data centres becomes paramount. Spurred by the demands of AI and cloud service providers, India's data centre capacity is projected to surge by 77% to 1.8 GW by 2027 . The Indian government is actively fostering this growth with initiatives such as the IndiaAI mission, which aims to bolster the country's AI ecosystem. Yet, a formidable challenge remains: bridging the persistent digital divide. In 2024, rural India had 488 million internet users, significantly more than the urban user base. However, disparities in consistent access and digital literacy the charge in securing the very infrastructure that will power 'AI for Bharat' is Sumanth Naropanth, CEO of Deep Armor and Gauntlet. Gauntlet provides an AI-powered platform for comprehensive cloud and AI security monitoring. Naropanth's expertise is critical in a landscape where the security of data centres and AI models is non-negotiable for building trust and ensuring the integrity of India's digital future. His work addresses the foundational need for robust security as India scales its AI Asundi, the Executive Director of the Center for Study of Science, Technology and Policy (CSTEP), brings a crucial policy and research perspective to the discussion. CSTEP is a leading think tank that enriches policymaking with innovative approaches, and Asundi has been instrumental in establishing 'AI for social impact' as a key area of work. His insights will be vital in understanding how policy can guide the development of AI and data centre infrastructure to ensure it leads to inclusive and sustainable development for all of the frontlines of applying AI to solve uniquely Indian challenges comes Adarsh Natarajan, the founder and CEO of Aindra Systems. Aindra is a pioneering medtech startup that leverages AI-powered computer vision for the early detection of cervical cancer, particularly in low-resource settings. Natarajan's journey with Aindra, which he founded after his MBA from IIM Bangalore, exemplifies the potential of deep tech to address critical societal needs. His experience will shed light on the practicalities and impact of building AI solutions for the Indian context.A visionary in the conversational AI space, Abhinav Aggarwal, the Co-founder and CEO of Fluid AI, will offer a glimpse into the future of human-AI interaction in India. Fluid AI provides a generative AI platform that automates customer support and employee assistance, showcasing the potential to enhance service delivery and efficiency. A self-taught coder who dropped out of a prestigious MBA programme to build his company, Aggarwal's story underscores the passion and innovation driving India's AI startup the voice of the Indian IT industry is Ankit Bose, Head of Nasscom AI. His perspective will be crucial in understanding broader industry trends and the collective action needed to realise the 'AI for Bharat' the essential legal and regulatory framework for this technological revolution is Jyotsna Jayaram, a Partner at the law firm Trilegal. As AI and data localisation become increasingly intertwined with policy, her expertise in advising domestic and international clients on data protection, privacy, and cybersecurity will be invaluable in navigating the complex legal this diverse expertise on stage, the session is poised to tackle the central questions holding the key to India's AI future. How does India balance the race for data centre supremacy with the non-negotiable needs for data security and privacy? As the government rolls out ambitious policies like the IndiaAI Mission, how can startups and think tanks ensure these initiatives translate into tangible impact on the ground, truly bridging the digital divide rather than widening it?The discussion will move from the theoretical to the practical. What does it take to build an AI model that works not just in a lab but in a low-resource rural clinic? How can generative AI be adapted to serve a multilingual population with varying levels of digital literacy? This panel will explore the friction and synergy between policy, technology, security, and law, providing a holistic view of the challenges and opportunities in building an AI ecosystem for a billion session will cut through the hype to provide a grounded, forward-looking perspective. Attendees can expect to gain a clear understanding of:This session will provide a nuanced look at the challenges and opportunities that lie ahead in creating a truly digital Bharat.360 One is the presenting partner of the ET Soonicorns Summit 2025.(This article is generated and published by the ET Spotlight team. You can get in touch with them at etspotlight@ .)
