Income tax demand of INR 13.28 crore for AY 2022-23 transfer pricing matter
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Income Tax Assessment Unit passed an order for Assessment Year 2022-23 under Section 143(3) read with 144C(13) and 144B of the Income-tax Act, raising a transfer pricing demand of INR 13.28 crore on international transactions. Company says the order has no material impact and plans to appeal. A similar transfer pricing issue was already decided in its favor by Gujarat High Court for earlier years, giving confidence of success at the appellate stage.
Modest tax demand of about 13.28 crore, which company plans to contest based on a favorable prior court ruling. No material impact expected.