Crisil Limited has received a reassessment order from the Income Tax Authority for FY 2016–17, resulting in a demand of INR 121.20 crore. The company maintains that the additions are unwarranted and plans to file a rectification application and appeal against the order.
Crisil Limited, a subsidiary of S&P Global, disclosed to the stock exchanges that the reassessment order under Section 147 was issued on March 23, 2026. While the Assessing Officer accepted that no income had escaped taxation, errors in computation led to a significant demand.
Tax Dispute Background
The reassessment relates to merged subsidiaries whose income was already included in Crisil’s filings. Despite acknowledging this, the Assessing Officer erroneously raised a demand by failing to credit taxes already paid and making unwarranted additions.
Financial Implications
Crisil clarified that the order has no immediate impact on its financial, operational, or other activities. The company is preparing to challenge the demand through rectification and appeal processes.
Key Highlights
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Reassessment order issued under Section 147
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Demand raised of INR 121.20 crore
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AO accepted no escapement of income but miscalculated tax
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No immediate financial or operational impact
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Company to file rectification and appeal
Sources: Crisil Limited regulatory filing