We hereby disclose the update on the ongoing litigation(s) or dispute(s) of the Company
HIMATSEIDE · price
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Himatsingka Seide Limited disclosed an update on an ongoing income tax dispute for Assessment Year 2008-09 involving transfer pricing adjustments related to corporate guarantees, inter-corporate loans, and exports to subsidiaries. The Income Tax Appellate Tribunal dismissed both the Company's and Revenue's appeals, deleting additions worth Rs. 6.90 crores in the Company's favor. However, the Revenue successfully obtained condonation of delay from the Hon'ble High Court, prompting the Company to propose filing an appeal before the Hon'ble Supreme Court. This is a continuation of a long-standing tax dispute spanning nearly two decades.
The case remains ongoing with potential tax liability exposure if the Supreme Court rules against the Company. The Rs. 6.90 crore deletion provides some relief, but the dispute could result in additional tax outflow if the Revenue succeeds in its appeal.