HCL Infosystems Limited has informed the Exchange about orders passed by Deputy Excise & Taxation Commissioner (Appellate Authority), Punjab
HCL-INSYS · price
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HCL Infosystems has received an order dated June 16, 2025 from the Deputy Excise & Taxation Commissioner (Appellate Authority), Punjab confirming a tax demand of INR 738.52 Lakhs. The demand relates to a higher rate of tax on mobile/cell phone chargers sold in composite packs with handsets during FY 2010-11, following a Supreme Court ruling in the State of Punjab vs. Nokia India case. The company had appealed against the original demand by the Excise & Taxation Officer, Mohali, but the appellate authority has upheld it. The company is now evaluating further legal remedies.
This is a material financial liability of nearly ₹7.4 crore from a 2010-11 tax dispute, but the company is still exploring legal options so the final impact is uncertain. Shareholders should note this as a contingent liability that could affect financials if the demand is upheld at higher courts.