NSE/BSE Codes: BSE: 532478, NSE: UBL

Summary of Key Information:

Nature of Event / Disclosure:

Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding outcome of tax litigation and receipt of tax refunds.

Involved Parties / Authorities:

  • Joint Commissioner of Income-tax, Circle 7(1)(1)(OSD) (Assessing Officer)
  • Income Tax Appellate Tribunal, Bangalore (ITAT)
  • Hon'ble High Court of Karnataka
  • Hon'ble Commissioner of Income-tax (Appeals)

Date / Timeline of Event:

  • October 05, 2026: Received refund of ₹82.73 crores for AY 2013-14
  • October 03, 2026: Received refund of ₹18.10 crores for AY 2020-21
  • January 23, 2026: Order giving effect passed for AY 2013-14
  • March 16, 2026: Order giving effect passed for AY 2020-21
  • June 01, 2022: ITAT Order for AY 2013-14
  • January 31, 2024: ITAT Order for AY 2020-21
  • October 09, 2017: Original assessment order for AY 2013-14
  • September 23, 2022: Original assessment order for AY 2020-21

Brief Description of Outcome / Dispute:

The company received aggregate refunds of ₹100.83 crores (₹82.73 crores for AY 2013-14 and ₹18.10 crores for AY 2020-21) from the Income Tax Department following orders giving effect to ITAT rulings. The disputes involved corporate tax and transfer pricing adjustments made during scrutiny assessments. While partial refunds have been received, appeals on certain unfavorable adjustments remain pending before higher authorities.

Impact of Outcome:

Financial Impact:
  • Total refund received: ₹100.83 crores
  • AY 2013-14 refund: ₹82.73 crores (including interest of ₹25.65 crores)
  • AY 2020-21 refund: ₹18.10 crores (including interest of ₹4.79 crores)
  • Total interest component: ₹30.44 crores
  • Positive impact on working capital and profit & loss account through interest income
Operational / Business / Strategic Impact:

Improved working capital position due to receipt of significant cash refunds. The outcome reduces the company's outstanding tax litigation burden partially.

Other Implications:

The disclosure demonstrates ongoing tax compliance and litigation management processes. The company continues to pursue appeals on unfavorable adjustments.

Next Steps / Required Actions:

  • Appeal pending before Hon'ble High Court of Karnataka for issues decided against the company in both assessment years
  • Appeal pending before Hon'ble ITAT regarding the order giving effect for AY 2013-14
  • Appeal pending before Hon'ble Commissioner of Income-tax (Appeals) regarding the order giving effect for AY 2020-21
  • Continued compliance with SEBI Listing Regulations for future developments