Styrenix Performance Materials Limited announced a significant win at the Income Tax Appellate Tribunal (ITAT), Ahmedabad. The ITAT has allowed the company’s appeal, deleting transfer pricing additions of INR 17.11 crore. This deletion also results in the cancellation of a corresponding tax demand of INR 4.38 crore for Assessment Year 2021-22. The order, pronounced on May 26, 2026, is a positive development for the company’s financial standing.
Positive Tax Tribunal Ruling for Styrenix
Styrenix Performance Materials Limited has received a favorable order from the Hon’ble Income Tax Appellate Tribunal (ITAT), Ahmedabad. The ruling, pronounced on May 26, 2026, and signed on June 03, 2026, has allowed the company’s appeal. This decision leads to the deletion of transfer pricing additions amounting to INR 17,11,13,551 made by the Income Tax Department’s Assessment Unit. These additions were part of an assessment order dated October 29, 2024, pertaining to Assessment Year 2021-22.
Financial Impact of the Order
As a direct consequence of the ITAT’s decision, the corresponding tax demand of INR 4.38 crore, which was raised by the Assessment Unit for Assessment Year 2021-22, has also been deleted. This outcome represents a positive financial impact for Styrenix Performance Materials Limited, effectively removing a substantial contingent liability.
Disclosure Details
The company has provided the requisite details as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order passed by the Income Tax Appellate Tribunal, Ahmedabad, confirmed the deletion of the aforementioned transfer pricing additions and the associated tax demand. The company received this order on June 11, 2026.
Source: BSE
