3i Infotech settles ₹798 Crore tax disputes via Vivad Se Vishwas Scheme
3i Infotech Limited has settled income tax disputes totaling ₹798.38 crore under the Direct Tax Vivad Se Vishwas Scheme, 2024. Certificates in Form 2 were received for assessment years 2012-13 to 2018-19. This settlement reduces accumulated losses by ₹798.38 crore with no expected cash outflow.
The settlement of a significant tax dispute and reduction in accumulated losses is material to the company's financial health, impacting its balance sheet.
The settlement of tax disputes and reduction in accumulated losses positively impacts the company's financial position.
3i Infotech Limited has opted for the "Direct Tax Vivad Se Vishwas Scheme, 2024" to settle its income tax litigations. The Principal Commissioner of Income Tax (PCIT), Mumbai, has issued Certificates in Form 2 for assessment years AY 2012-13, AY 2013-14, AY 2014-15, AY 2016-17, and AY 2018-19. The company received these certificates on April 29, 2026, May 6, 2026, and May 11, 2026, respectively, for disputed additions/disallowances totaling ₹79,838 lakhs (₹798.38 crore).
The total disputed amount settled includes ₹68.06 crore for AY 2012-13, ₹388.25 crore for AY 2013-14, ₹239.98 crore for AY 2014-15, ₹78.76 crore for AY 2016-17, and ₹23.33 crore for AY 2018-19. The issuance of these certificates is currently reflecting on the Income Tax portal, though formal communication is awaited.
Consequent to this settlement, the company's accumulated brought forward losses will be reduced by ₹79,838 lakhs to the extent of the disputed additions/disallowances. The settlement is not expected to result in any incremental cash outflow for the company, nor is it anticipated to have any material impact on its operations or activities. The details of this settlement are also available on the company's website.
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