Rubicon Research Receives Income Tax Assessment Order for AY 2023-24
Rubicon Research received an Income Tax Assessment Order for AY 2023-24. Additions/disallowances total ₹20.68 crore due to ALP adjustments. A demand of ₹17.25 crore was raised, and penalty proceedings are being initiated. The company plans to appeal the order.
The assessment order includes a substantial demand and potential penalty, which could impact the company's financials. However, the company plans to appeal, and the final financial implication is subject to the outcome of the appeal.
The company has received an assessment order from the Income Tax Authority with significant additions/disallowances and a demand raised, along with a notice for penalty proceedings.
Rubicon Research Limited has received an Assessment Order for Assessment Year 2023-24 from the Income Tax Authority. The order includes additions/disallowances amounting to ₹20,68,44,914 related to Arms’ Length Pricing adjustments on international transactions.
The total demand raised by the Income Tax Department is ₹17,25,17,210, which is subject to the outcome of any appeal or rectification. Additionally, a show cause notice has been issued for the initiation of penalty proceedings under section 270A of the Income-tax Act, 1961.
The company received the order on April 21, 2026, at 04:03 PM (IST). Rubicon Research Limited is currently in the process of filing an appeal before the appropriate appellate authority. The company, based on advice from its tax advisors, believes its position is strong and remains confident in the merits of its case.
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