Announced Thu, 2 Jul · 18:45 IST
Sasken wins tax appeal at ITAT, liability cut by about 5 crore
Regulatory & Legal View source PDF
SASKEN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-5.1%1-day move
₹2160.50
prior close
₹2186.00
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+1.9+0.6-0.6-0.9-5.1-8.6-8.5-8.6-4.8-5.3-15.8———
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AI summary
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.
Likely market impact
Positive: tax liability falls by about Rs 5.08 crore and refunds are expected, boosting near-term cash flows.