Syngene International Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
SYNGENE · price
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Awaiting price reaction for this filing.
Syngene International informed the exchanges that the National Faceless Appeal Centre (NFAC) has partly allowed the company's appeal against an income tax order dated December 27, 2018, which had raised a demand of Rs. 72.33 crore (Assessment Year 2016-17). The NFAC directed the Assessing Officer to verify certain claims and grant relief. No penalty, restrictions, or sanctions have been imposed under the new order. The company stated that there is unlikely to be any material impact on its financials, operations, or activities.
This is a mildly positive development for shareholders as the company has secured partial relief in a long-pending tax dispute, with the possibility of a reduced contingent liability and a potential refund from the Income Tax Department.