Rubicon Research Limited has informed the Exchange about General Updates
RUBICON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Rubicon Research Limited has received an Assessment Order from the Income Tax Department (Assessment Unit), Mumbai for Assessment Year 2023-24. The order includes additions/disallowances of Rs. 20,68,44,914 (approximately Rs. 20.68 crore) related to Arms' Length Pricing adjustments on international transactions. A total tax demand of Rs. 17,25,17,210 (approximately Rs. 17.25 crore) has been raised. Additionally, a show cause notice for initiation of penalty proceedings under section 270A of the Income-tax Act has been issued. The company states it is in the process of filing an appeal and believes its position is strong based on advice from tax advisors.
The tax demand of Rs. 17.25 crore represents a potential liability, but the company plans to contest it through appeal. Until the appeal outcome, this may create some uncertainty for investors regarding contingent liabilities.