3IINFOLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
3i Infotech's wholly owned US step-down subsidiary, 3i Infotech Inc., has received a Sales and Use Tax Audit Notice of Assessment from the Pennsylvania Department of Revenue. The penalty amounts to USD 250,150.09 (approx Rs. 2.36 crores), covering a tax audit for the period June 30, 2022 to June 30, 2025. The total audited liability is USD 833,833.58 plus interest forecast of USD 150,099.24. The US subsidiary is currently evaluating the assessment and may file an appeal. The company states there is no significant impact on financial or operational activities apart from the quantified liability.
The penalty amount of Rs. 2.36 crores is relatively small for a listed company, but any adverse outcome in the appeal process could result in additional costs. Investors should monitor the appeal outcome, though the impact on the stock is likely to be minimal given the small quantum relative to company size.