Trigyn Technologies Limited gets demand under Income Tax Act, 1961

Income Tax Authorities have issued notice of demand on Trigyn Technologies Limited 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 Rs.3.11 Crores.

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 Rs. 1,306 Crores 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 under Section 271(1)(c) of the Income Tax Act, 1961 against the Company on the ground that the Company has misreported income.

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.

Shares of Trigyn Technologies Limited was last trading in BSE at Rs. 111.00 as compared to the previous close of Rs. 111.90. The total number of shares traded during the day was 16918 in over 598 trades.

The stock hit an intraday high of Rs. 114.20 and intraday low of Rs. 110.00. The net turnover during the day was Rs. 1889747.00.

Source : Equity Bulls

Keywords

TrigynTechnologiesLimited INE948A01012 TRIGYN ITConsultingandSoftware ITDemand