Styrenix Performance Materials Faces INR 13.28 Cr Transfer Pricing Order from Income Tax Department

Styrenix Performance Materials Ltd. has received an order from the Assessment Unit, Income Tax Department, under section 143(3) r.w.s 144C(13) r.w.s 144B of the Income-tax Act for AY 2022-23, pertaining to a transfer pricing order for international transactions. The demand amount is INR 13,28,47,790. However, the company believes there is a strong likelihood of success at the appellate stage, as the Transfer Pricing issue is directly covered by a favourable Gujarat High Court order in their own case for earlier years.