Sasken Technologies Limited has informed the Exchange about Action(s) initiated or orders passed
SASKEN · price
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On the reaction day the stock moved 6.2 pts less than Nifty Microcap 250 and 4.3 pts less than its IT Enabled Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sasken Technologies has received an Assessment Order from the Income Tax Department's Assessment Unit under section 143(3) read with section 144B. The tax officer has added two items to the returned income: an additional disallowance of Rs. 33.74 lakh under section 14A of the Income Tax Act, and Rs. 11.53 crore of income disclosed under Schedule A-OI that was not offered for tax. Based on these additions, a total tax demand of Rs. 8.15 crore has been raised on the company. Sasken has stated there is no material impact on its finances, operations, or other activities. The order is appealable, and the company plans to file an appeal before the Commissioner of Income Tax (Appeals).
The tax demand of ~Rs. 8.15 crore is modest for an IT services company like Sasken, and management has clarified there is no material financial impact. Since the company intends to appeal, the final outcome is uncertain but unlikely to significantly affect shareholders or the stock in the near term.