3i Infotech Limited has informed the Exchange about General Updates
3IINFOLTD · price
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3i Infotech Limited has disclosed that its wholly owned step-down subsidiary, 3i Infotech Inc. (USA), received a Sales and Use Tax Audit Notice of Assessment from the Pennsylvania Department of Revenue. The assessment covers the period June 30, 2022 to June 30, 2025, with total audited liability of USD 833,833.58, interest forecast of USD 150,099.24, and penalty of USD 250,150.09 (approximately Rs. 2.36 crores). The US subsidiary is currently evaluating the matter and plans to file an appeal against the assessment. The company states there has been no significant impact on financial, operational, or other activities of the subsidiary apart from the quantified amounts.
The penalty of Rs. 2.36 crores is relatively small for a listed company and the company is actively contesting it, suggesting limited direct shareholder impact. However, ongoing tax compliance issues in foreign subsidiaries could raise governance concerns.