Madras HC okays I-T Dept appeals against Redington for Rs 142 cr demand

Redington said appellate remedies are available on receipt of order from HC and the firm will take adequate steps to safeguard its interest in this regard

The Madras High Court has allowed appeals preferred by the income tax department against Redington (India) Ltd, leading to a potential demand of Rs 142.06 crore, excluding interest.

Redington said normal appellate remedies are available on receipt of the order from the High Court and the company will take adequate steps to safeguard its interest in this regard.

In 2013 and 2014, an Income Tax Officer (AO) sought to tax the imputed profits on the transfer of the Company's investment in Redington Gulf FZE, an overseas wholly-owned subsidiary. The transfer had been made to Redington International Holdings Limited (a step-down