IT company Coforge has received income tax demand notice of around Rs 122 crore comprising tax demand of Rs 97.97 crore and interest liability of Rs 23.79 crore, the company said in a regulatory filing on Thursday.
Coforge faces a Rs 122 crore income tax demand, including Rs 97.97 crore in taxes and Rs 23.79 crore in interest, as per their regulatory filing. The IT firm disputes the transfer pricing adjustment and is confident of a favorable resolution with no significant financial impact.
IT company Coforge has received income tax demand notice of around Rs 122 crore comprising tax demand of Rs 97.97 crore and interest liability of Rs 23.79 crore, the company said in a regulatory filing on Thursday.
The notice was received by the company on December 20.
Coforge mentioned that it has received a "total tax demand of Rs 97,97,99,720 (including interest liability of Rs 23,79,49,419)".
The company said that the assessment unit had made an adjustment under transfer pricing due to variation in margin.
"Considering the jurisprudence around the adjustments made and the facts of the case, the Company in consultation with its tax advisors is of the view that our position will be upheld on ultimate resolution and will not have a material adverse effect on the Group’s Financial Statement," the company said.