ITAT Delivers Favorable Ruling in Favor of Styrenix Performance Materials; Tax Demand and Transfer Pricing Additions Deleted
Styrenix Performance Materials Ltd has secured a significant victory following an order from the Income Tax Appellate Tribunal (ITAT), Ahmedabad. The ruling, received by the company on June 11, 2026, allowed the appeal filed by Styrenix against the assessment orders issued by the Income Tax Department for Assessment Year 2021-22.The ITAT order, which was pronounced on May 26, 2026, and signed on June 03, 2026, resulted in the deletion of transfer pricing additions amounting to INR 17,11,13,551. These additions were originally made by the Assessment Unit, Income Tax Department, in an assessment order dated October 29, 2024.
Consequently, the corresponding tax demand of INR 4.38 crores that had been raised by the Assessment Unit for the Assessment Year 2021-22 has also been deleted by the Tribunal. This outcome provides a positive financial impact on Styrenix's activities.
The details of the ruling and its financial implications are summarized below:
| Particular | Detail |
|---|---|
| Authority | Income Tax Appellate Tribunal (ITAT), Ahmedabad |
| Date of Order Receipt | June 11, 2026 |
| Assessment Year | 2021-22 |
| Transfer Pricing Additions Deleted | INR 17,11,13,551 |
| Tax Demand Deleted | INR 4.38 crores |
The decision addresses the transfer pricing additions made under section 143(3) read with sections 144C (13) and 144B of the Income Tax Act, 1961. The resolution ensures that the company's assessment for the specified period is corrected based on the Tribunal's finding.
STYRENIX Stock Price Movement
Styrenix Performance Materials Limited shares slipped today, settling at ₹2116.4 after shedding 2.96% from the previous close. The stock traded in a session range between ₹2105 and ₹2157, with recorded volume standing at 18,259 shares.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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