Trigyn Tech gets 31.1-mln-rupee tax demand notice

By a Staff Reporter:  Following are key excerpts from an exchange filing by Trigyn Technologies Ltd today:

* Income tax authorities have issued notice of demand on the company under the provisions of Section 156 of the Income Tax Act, 1961, for the assessment years from 2013-14 (Apr-Mar) to 2019-2020. The total amount demanded from the company under the notice is 31.1 mln rupees

* Further, by and under the assessment order made by the tax authorities in respect to assessment year 2014-15, the capital loss claimed by the company of an amount of 13.06 bln rupees has been disallowed

* The income tax authorities have initiated proceedings against the company under Section 271(1)(c) of the Income Tax Act, 1961, on the grounds that the company has misreported income

* The company is in the process of seeking advice and taking steps to challenge the demand notices and assessments orders

On Wednesday, shares of the company closed 0.8% lower at 111 rupees on the National Stock Exchange.

Source : Eureka