Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 388

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 388
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 2023:
$). The Company has made a deposit of $ against this litigation.

The Company received a show cause notice for service tax
liability on booking fees and penalty charges collected for the period October 2014 to July 2017 amounting to $ (March 31, 2023:
$).

The Company has filed an appeal against the above orders
before higher authority.

The Company has received demand notice for $ from Indian
indirect tax authorities for the period April 2017 to September 2017 due to disallowance input tax credit.

The Company has received show cause
notice from Indian indirect tax authorities disputing the goods and service tax input availed and the rate of input availed amounting
to $ (March 31, 2023: $).

The Company has filed submissions and is awaiting further
communication on the matter.

The Company has received a show cause notice for $
from Indian indirect tax authorities for the period April 2017 to March 2020 due to disallowance of input tax credit.

The Company is in process of responding to the show cause
notice.

(This space has been left intentionally blank) F- 111 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 36 | Commitments                   
 and contingencies (Continued) |

Based on the submissions provided to the authorities and documents available, the Company is confident that no outflow is expected. Hence the Company has not recorded any provision as at March 31, 2024 and March 31, 2023 for the above matters. (C) As at March 31, 2024, there are 6,815bookings in progress. The Company bears the risk of loss or damage to the host vehicle with respect to such bookings. The Company makes certain assumptions based on currently available information to estimate the trip protection reserves. A number of factors can affect the actual cost of a claim, including the length of time the claim remains open and the results of any related litigation. Furthermore, claims may emerge in future years for events that occurred in a prior year at a rate that differs from previous projections. (D) In February 2023, a former employee of Zoomcar India instituted a suit before the City Civil and Sessions Judge at Mayo Hall, Bengaluru against Zoomcar India, Zoomcar, Inc. and Zoomcar Holdings, Inc. (formerly IOAC) challenging his termination, claiming damages amounting to $ 407,083and claiming