Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Rane Holdings Limited ( (IN:RANEHOLDIN) ) has shared an announcement.
Rane Holdings has disclosed that its wholly owned subsidiary, Rane Steering Systems Private Limited, has received an order from the Office of the Deputy Commissioner of Income Tax, Transfer Pricing, Chennai, under Section 92CA(3) of the Income Tax Act, 1961. The order proposes a downward adjustment of Rs 2.33 crore related to purchase of raw material transactions for Assessment Year 2023-24 (FY 2022-23), stemming from the exclusion of miscellaneous expenses and rates and taxes from the computation of operating margin, with an expected financial implication of about Rs 0.59 crore (excluding interest and penalties). RSSL is consulting tax advisors and plans to contest the order before the appropriate authority, indicating that the company is actively disputing the transfer pricing adjustment while signaling a limited but notable potential financial impact for stakeholders.
More about Rane Holdings Limited
Rane Holdings Limited is an Indian automotive components group, with its wholly owned subsidiary Rane Steering Systems Private Limited (RSSL) engaged in manufacturing steering and suspension systems and related components for the automobile industry. The group serves domestic and international OEMs and aftermarket customers, with a strong presence in key auto and auto-ancillary markets.
Average Trading Volume: 1,170
Technical Sentiment Signal: Hold
Current Market Cap: 19.36B INR
Find detailed analytics on RANEHOLDIN stock on TipRanks’ Stock Analysis page.