Sasken wins tax appeal at ITAT, liability cut by about 5 crore
SASKEN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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ITAT Bangalore ruled in Sasken's favor on tax appeals for AY 2017-18 and AY 2020-21, deleting disallowances under Sections 14A and 80G and confirming no TDS on overseas branch payments. A small disallowance of Rs 7 lakh to a UK resident was sustained. The order reduces contingent liability by about Rs 4.50 crore for AY 2017-18 and Rs 0.58 crore for AY 2020-21, with corresponding refunds expected from the Income-tax Department.
Positive: tax liability falls by about Rs 5.08 crore and refunds are expected, boosting near-term cash flows.