Income tax

Trigyn Technologies Limited obtains application under Income Tax Act, 1961

The tax authorities have issued a notice of application on Trigyn Technologies Limited under the provisions of Section 156 of the Income Tax Act, 1961 for the fiscal years 2013-14 to 2019- 2020. The total amount requested from the Company under the notice is Rs.3.11 Crores.

In addition, by and under the valuation order issued by the tax authorities under YY 2014-15, the capital loss claimed by the Company in the amount of Rs. 1,306 crore has been denied. . The Company specifies that the capital loss which was refused by the tax authorities for YY 2014-15 has been or has not been claimed / or compensated by the Company with any capital gain to date and that all of the capital loss is a capital loss carried forward. . As such, the direct tax impact of such denial is “NIL” as the benefit of the loss has not been claimed by the Company to date.

The tax authorities initiated proceedings under Section 271 (1) (c) of the Income Tax Act 1961 against the company on the grounds that the company erroneously reported income.

The Company is in the process of seeking advice and taking action to challenge the above notices of application and assessment orders in the manner in which the Company disposes under applicable laws.

Shares of Trigyn Technologies Limited were last traded on BSE at Rs. 111.00 from the previous close of Rs. 111.90. The total number of shares traded during the day was 16,918 in more than 598 trades.

The stock hit an intraday high of Rs. 114.20 and an intraday low of Rs. 110.00. The net turnover during the day was Rs. 1,889,747.00.

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