DIC India Limited has informed the Exchange about an appeal filed by the Principal Commissioner of Income Tax-2, Kolkata before the Hon ble Kolkata High Court against an order passed by Hon ble ITAT
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DIC India Limited has informed exchanges that the Income Tax Department has filed an appeal before the Kolkata High Court against an ITAT order that was previously passed in favour of the company. The dispute relates to royalty expenses and transfer pricing adjustments for assessment year 2014-15. The disputed tax amount is INR 2.96 crores. The appeal was filed by the tax department after a delay of approximately 2 years. The company plans to file a suitable reply once the High Court admits the appeal and asks for a response.
The company had won relief at the ITAT level, but the tax department is now challenging that favourable order. With a relatively modest disputed amount of INR 2.96 crores, the immediate financial impact is limited, but the outcome of the High Court appeal could affect the company's tax position for that assessment year.