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Trigyn Technologies stock jumps over 2% despite IT-dept issues demand notice for assessment years from FY14-FY20

The total amount demanded from the Company under the notice is Rs3.11cr.

October 07, 2021 9:17 IST | India Infoline News Service
Trigyn Technologies
Trigyn Technologies Ltd has informed that Income Tax Authorities have issued notice of demand on the Company under under the provisions of Section 156 of Income Tax Act, 1961 for the Assessment Years from FY 2013-14 to 2019-2020.

The total amount demanded from the Company under the notice is Rs3.11cr.

Further, by and under the Assessment Order made by the Income Tax Authorities in respect of the AY 2014-15, the capital loss claimed by the Company of an amount of Rs1,306cr has been disallowed.

The Company clarifies that the capital loss that has been disallowed by Income Tax Authorities for AY 2014-15 was or has not been claimed/or set off by the Company against any capital gain till date and the entire capital loss is a carried forward capital loss. As such, direct tax impact of such disallowance is "NIL" as the benefit of loss was not claimed by the Company, till date.

The Income Tax Authorities have initiated proceedings provisions against the Company on the ground that the Company has misreported income, said Trigyn in a regulatory filing.

The Company is in the process of seeking advice and taking steps for challenging the aforesaid Demand Notices and Assessments Orders in the manner available to the Company under applicable laws, it added.

On Thursday morning trade, Trigyn Technologies was trading at Rs113.35 apiece higher by 2.12% on Sensex.

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