Indegene Limited Faces Rs 43.68 Crore Tax Demand; Moves for Resolution Under India-US DTAA
Indegene Limited has disclosed to the Stock Exchanges that on May 05, 2026, it received a Final Assessment Order under Section 143(3) read with Section 144C(3) read with Section 144B of the Income Tax Act 1961, along with a demand notice of Rs 43.68 crore (including interest) under Section 156 of the Income Tax Act, 1961, from the Income Tax Department for the Assessment Year 2023-24 (Financial Year 2022-23).
In the assessment order, the income tax department has made transfer pricing adjustments of about Rs 123.41 crore in the returned income of Assessment Year 2023-24, which has ultimately led to an income tax demand amounting to Rs 43.68 crore.
The company strongly believes that its tax positions are correct and supported by facts and legal principles. In order to rectify this issue and avoid double taxation, the company has already applied for resolution through the Mutual Agreement Procedure (MAP) of the Double Taxation Avoidance Agreement (DTAA) between India and the United States of America.
At the same time, the company is also planning to adopt appropriate legal remedies to challenge the order through India’s domestic appellate framework to protect its interests. Importantly, the company has firm confidence that the matter will be resolved fairly and within a reasonable timeframe. The company also clarified that the present action does not impact its financial position or operations.
Indegene Limited has made the aforementioned disclosure vide an Intimation dated May 05, 2026, passed addressing the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
