SAGILITY LIMITED has informed the Exchange about Order received under section 143(3) read with section 144C(3) and section 144B of Income Tax Act 1961
SAGILITY · price
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Sagility Limited has received a final income tax assessment order from the Assessment Unit of the Income Tax Department for Assessment Year 2023-24. The department has made transfer pricing adjustments of Rs. 189.50 crore to the returned income and raised a tax demand of Rs. 100.00 crore including interest. The company believes this demand is not maintainable and is planning to file an appeal with the Commissioner of Income Tax (Appeals) within the prescribed timeline. Additionally, the company will file a rectification application before the Assessing Officer seeking correction of apparent mistakes, which could materially reduce the demand. The company states this assessment order has no material impact on its financials, operations, or other activities.
The Rs. 100 crore tax demand is significant but the company is contesting it vigorously through appeals and rectification. Until the dispute is resolved, there is no immediate financial outflow required, and the stock may see limited reaction if investors believe the appeal will succeed.