Hinduja Global Solutions Faces Rs. 15.49 Crore Demand from Income Tax Department

Hinduja Global Solutions Ltd. has received an Assessment Order under Section 143(3) of the Income Tax Act, 1961 for AY 2021-22 from the Office of the Assistant Commissioner of Income Tax, Central Circle 2(3), Mumbai. The Order disallows a foreign exchange loss of Rs. 34.31 crores, resulting in a total demand of Rs. 15.49 crores. The Company, however, believes that the disallowed foreign exchange loss is part of its business expenditure and plans to appeal before the Commissioner of Income Tax (Appeals). The Company is also reviewing an error in the Notice of Demand relating to the computation of interest and intends to file for rectification under section 154 of the Income Tax Act, 1961. The Company states that there is no material impact on its financial, operational, or other activities.