Indegene Limited Receives Income Tax Demand Notice for Assessment Year 2023-24
Indegene Limited announced on May 05, 2026, that it received a final assessment order from the Income Tax Department concerning the Assessment Year 2023-24, corresponding to the Financial Year 2022-23. The order includes a significant income tax demand.The company reported that the tax department issued a demand notice under Section 156 of the Income Tax Act, 1961. The total income tax demand stands at INR 43,68,84,410, which includes interest.
The assessment order was issued under Section 143(3) read with Section 144C(3) read with Section 144B of the Income Tax Act, 1961.
Assessment Details
The tax authority raised the demand following transfer pricing adjustments. According to the details provided, the Income Tax Authority made transfer pricing adjustments in the returned income of AY 2023-24 to the extent of INR 123,41,10,559, resulting in the stated tax demand.The key details of the tax assessment are summarized below:
| Particulars | Details |
|---|---|
| Assessment Year | 2023-24 (Financial Year 2022-23) |
| Issuing Authority | Assessment Unit, Income Tax Department |
| Order Type | Assessment Order under Section 143(3) read with Section 144C(3) read with Section 144B of the Income Tax Act, 1961 |
| Tax Demand | INR 43,68,84,410 (including interest) |
| Transfer Pricing Adjustment | INR 123,41,10,559 |
Company Stance and Strategy
Regarding the impact of the assessment, the company noted that while the tax demand represents a figure of INR 43,68,84,410 (including interest), it firmly believes that its current financial positions are well supported by facts, principles, and law.To mitigate the risk of economic double taxation and obtain certainty, Indegene Limited has filed an application for resolution through the Mutual Agreement Procedure (MAP) under the Double Taxation Avoidance Agreement (DTAA) between India and the United States of America. In addition to this, the company plans to pursue appropriate remedies through the domestic appellate framework to safeguard its interests until the MAP process concludes. The company stated that at this stage, it does not expect any material adverse impact on its financial position or operations.
INDGN Stock Price Movement
Today, Indegene Limited shares edged higher to close at ₹544.5, gaining 2.56% as the equity finished the day. The stock traded on a volume of 860,948 shares, successfully ranging between ₹528.2 and ₹554 during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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