Styrenix Performance Materials Limited has informed the Exchange about Action(s) taken or orders passed
STYRENIX · price
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Styrenix Performance Materials has received an order from the Income Tax Department's Assessment Unit under Section 270A of the Income Tax Act, 1961, for Assessment Year 2021-22. The demand amounts to approximately ₹2.99 crore (INR 2,99,44,341). The penalty relates to a Transfer Pricing (TP) adjustment. The company has stated that the TP matter is already under appeal before ITAT, Ahmedabad, and that the issue is covered by a favourable Gujarat High Court order in the company's own case for earlier years. The company expects a strong likelihood of success at the appellate stage and sees no material impact on its financials or operations at present.
Shareholders should note a ₹2.99 crore tax demand, but the company views this as recoverable at appeal given existing favourable rulings. Near-term financial impact is considered immaterial, though the matter remains pending until ITAT delivers its verdict.