Please find enclosed herewith the Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
NUCLEUS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Nucleus Software Exports Ltd has received an order from the Income Tax Department, Delhi for Assessment Year 2023-24. The Assessing Officer has raised an income tax demand of INR 28,33,460 (including interest) against the company. The demand arises from adjustments made to transfer pricing margins on certain intercompany transactions. Additionally, the Assessing Officer has initiated penalty proceedings in this matter. The company maintains that the order is not maintainable and is in the process of filing appeals. Management states the order has no material impact on the financials, operations, or other activities of the company. The total demand amount is approximately INR 28.3 lakh.
The tax demand is relatively modest at under INR 30 lakh and the company is actively contesting it through appeals. However, the penalty proceedings add some uncertainty. The disclosure appears routine and is unlikely to materially impact the stock unless the demand grows significantly upon appeal outcome.