Himatsingka Seide Ltd Reports Update on Ongoing Litigation with Income Tax Appellate Tribunal
Himatsingka Seide Ltd provided details regarding its ongoing litigation and disputes, outlining the current status of proceedings before the Income Tax Appellate Tribunal, Kolkata. The update pertains to cases filed against the Assistant Commissioner of Income Tax.The core dispute involves transfer pricing adjustments related to three areas:
1. Corporate Guarantee provided by the Company to its subsidiaries.
2. Loan provided by the Company to Twill & Oxford LLC (a voluntary liquidated associate company) and Himatsingka America Inc., a step-down subsidiary.
3. The classification of investment in Bellora as Revenue in nature, given that the investment is for Business purposes.
The company provided specific details regarding developments in the proceedings for the Assessment Year 2009-10. In this matter, an appeal was filed by the Revenue before the Income Tax Appellate Tribunal against an order passed by the Commissioner of Income Tax (Appeals). The Tribunal dismissed the appeal and consequently deleted additions amounting to Rs. 5.85 crores.
The following table summarizes the dispute status and key details:
| Category | Detail/Status |
|---|---|
| Opposing Party | Assistant Commissioner of Income Tax |
| Forum | Income Tax Appellate Tribunal, Kolkata |
| Dispute Subject | Transfer pricing adjustments related to Corporate Guarantee provided to subsidiaries; Loan provided to Twill & Oxford LLC and Himatsingka America Inc.; and Classification of investment in Bellora as Revenue in nature. |
| Development (AY 2009-10) | Appeal filed by Revenue before the Tribunal was dismissed, deleting additions to the extent of Rs. 5.85 crores. |
| Key Personnel Litigation | Not Applicable |
| Settlement Details | Not Applicable |
HIMATSEIDE Stock Price Movement
Today, Himatsingka Seide Limited shares slipped by 1.60% to settle at ₹91.49 in post-market trading. The equity saw 617,448 shares traded, concluding the day's session.Source:
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