Background and Context
The disclosure is made in furtherance of previous intimations dated July 27, 2024, and March 25, 2025. Those filings concerned an order under section 143(3) of the Income Tax Act raising a tax demand for FY 2019-20 (AY 2020-21) and the subsequent appeal filed by the Company before the ITAT, which was partly allowed by an order dated March 19, 2025.
Details of the New Order
Pursuant to an application filed by the Income Tax Department, the ITAT, Kolkata Bench, passed a new order dated September 17, 2026. This order was received by the Company's Key Managerial Personnel (KMPs) on October 28, 2026.
The order grants a recall and rectification of the tribunal's previous order dated March 19, 2025. The recall was granted on the grounds that certain issues in the Company's appeal had remained unadjudicated in the original order.
A specific error in the original order was also rectified. The direction to the Transfer Pricing Officer (TPO) was clarified to state that the transfer pricing adjustment shall be recomputed by excluding (not including) the three comparables referred to in the proceedings.
Outcome and Next Steps
The ITAT has modified its order dated March 19, 2025, to the extent described above. It has directed that the matter be listed before the regular Bench for further adjudication on the recalled, unadjudicated grounds.
Financial and Operational Impact
The company's preliminary assessment, as stated in the annexed Form-A, is that this order has no expected financial implication. The disclosure explicitly states "No impact other than as stated in this disclosure" and "No penalty or restriction as of date."
Company's Action
The Company is evaluating the order. Appropriate actions, if required, will be taken within the stipulated time.