3i Infotech Wins Tax Appeal, ₹34.38 Cr Adjustment Deleted

3i Infotech Ltd has received a favorable order from the Commissioner of Income Tax (Appeals) for Assessment Year 2013-14. The appeal concerned a Transfer Pricing adjustment of ₹34.38 crore made under Section 143(3) read with Section 263 of the Income-tax Act. The CIT(A) has allowed the company's appeal, deleting the entire adjustment and providing relief. This order has no tax or cash flow impact on the company and restores its tax position, preserving carried forward tax losses. The company had not disclosed this as a contingent liability due to sufficient carried forward tax losses.