Himatsingka Seide Limited has provided an update on an ongoing litigation concerning transfer pricing adjustments. The dispute relates to a corporate guarantee provided by the company to its subsidiaries, an inter-corporate loan to an associate enterprise (AE), and exports made to its subsidiary. For the Assessment Year 2008-09, an appeal was filed by the Revenue and the Company before the Income Tax Appellate Tribunal against an order by the Commissioner of Income Tax (Appeals). The Tribunal has dismissed the appeal, leading to the deletion of additions amounting to ₹6.90 crore. Subsequently, the Revenue filed an application for condonation of delay before the Hon'ble High Court, which has been accepted. In response to this, Himatsingka Seide Limited intends to file an appeal before the Hon'ble Supreme Court.
