Service tax demand reduced sharply to Rs 5.59 crores from Rs 86.42 crores
3IINFOLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.9 pts more than Nifty Microcap 250 and 1.4 pts more than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
3i Infotech reported a major relief in a long-pending service tax case. After the Supreme Court in August 2023 set aside part of the demand and remanded the rest, the CGST Commissioner has now passed a partially favourable order reducing the net service tax demand to Rs 5.59 crores from the original Rs 86.42 crores. The case pertains to financial years 2004-05 to 2011-12. Interest and penalties under the Finance Act still apply, but the overall liability has dropped sharply.
Sharp drop in tax liability is good news for shareholders and removes a long-standing overhang on the stock.