DIC India Limited Receives Draft Income Tax Order with ₹3.84 Cr Upward Adjustment
DIC India Limited received a draft income tax order proposing an upward adjustment of ₹3.84 crore for FY 2022-23. The company plans to appeal the order, which stems from transfer pricing adjustments. Penalty proceedings have also been initiated.
The upward adjustment of ₹3.84 crore in income and the initiation of penalty proceedings have a material financial implication for the company, although the company states it is evaluating the order and plans to appeal.
The company has received a draft order from the Income Tax Department with a significant upward adjustment in income, which could lead to additional tax liabilities and penalties.
DIC India Limited has received a draft order under section 144C(1) of the Income-tax Act, 1961, from the Income Tax Department. The order proposes an upward adjustment in income of ₹3,84,17,653 for the Financial Year 2022-23 (Assessment Year 2023-24) due to various points, including transfer pricing adjustments.
The company is currently evaluating the order and intends to file an appeal against it with the appropriate authority within the stipulated time.
The draft order, dated March 02, 2026, was received on March 2, 2026, at 10:08 PM. The Income Tax Department has also initiated separate penalty proceedings under section 270A of the Income-tax Act, 1961, for alleged under-reporting of income. DIC India Limited stated that there is no impact other than what is disclosed, and they are evaluating the order for further action.
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