Leela Palaces Hotels & Resorts announces that its material subsidiary, Schloss Chanakya Private Limited (SCPL), has received a favorable transfer pricing order for Assessment Year 2023-24. The order, issued by the Assistant Commissioner of Income Tax, Transfer Pricing, Delhi, concludes that no adverse inference is required regarding international transactions undertaken by SCPL during FY 2022-23, resulting in no proposed transfer pricing adjustments.
Transfer Pricing Order Received
Schloss Chanakya Private Limited (SCPL), a material subsidiary of Leela Palaces Hotels & Resorts, has obtained a favorable order regarding transfer pricing. The order pertains to the determination of the Arm’s Length Price for specific international transactions conducted during the financial year 2022-23 (Assessment Year 2023-24).
Details of the Order
The Assistant Commissioner of Income Tax, Transfer Pricing, Delhi, issued the order under Section 92CA(3) of the Income-tax Act, 1961. Following a review of the transfer pricing documentation and submissions by SCPL, the Transfer Pricing Officer concluded that no adverse inference was necessary regarding the international transactions undertaken by SCPL. Consequently, no transfer pricing adjustment has been proposed.
Impact on Financials
As per the announcement, the order does not contain any adverse findings and is in favor of SCPL. Therefore, this favorable outcome is not expected to have any adverse financial impact on Leela Palaces Hotels & Resorts.
Source: BSE
