CRISIL Ltd has secured a favourable order from the Commissioner of Income Tax (Appeals) regarding its Tax Deduction at Source (TDS) obligations for Assessment Year 2014-15. The order, dated June 17, 2026, rules that the company cannot be treated as an assessee in default, as the payments in question are not liable to TDS provisions. This decision is expected to result in a significant financial relief for the credit rating agency.

The litigation pertained to TDS obligations on payments made to non-residents. The Commissioner of Income Tax (Appeals), Mumbai, allowed the appeal, effectively setting aside the previous demand. While there is no immediate impact on the financial, operational, or other activities of the company, the ruling paves the way for a substantial reduction in tax liabilities.

CRISIL stated that it will be filing for Order giving effect with the Assessing Officer. Following this process, the company anticipates a relief of TDS demand, including interest, of INR 40.23 Crores. This amount represents the total disputed liability that has now been quashed by the appellate authority.

Details of the Order

The disclosure was made to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The following table summarizes the key particulars of the litigation and the outcome:

The favourable judgement concludes the dispute regarding the applicability of TDS provisions on the specific payments made during the relevant period. The company confirmed that there are no claims beyond the anticipated relief of the tax demand.

S&P Global Inc Companies, the promoters of Crisil Limited , have confirmed that no encumbrance has been created on the shares of the company directly or indirectly during the period ended March 31, 2026. This disclosure is significant as it assures investors regarding the status of the promoter's holdings and compliance with regulatory norms governing share transactions.

The declaration was submitted to the stock exchanges and the company secretary pursuant to Regulation 31(4) & (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The confirmation covers the entities acting in concert with the promoters, specifically S & P India LLC, Standard & Poor's International LLC, and S&P Global Asian Holdings Pte. Ltd.

Regulatory Filing Details

The communication, addressed to the Listing Departments of BSE Limited and National Stock Exchange of India Ltd, as well as the Company Secretary of Crisil Limited, was formally signed by Jason Mang, Authorised Signatory, on April 7, 2026. The filing serves as a mandatory compliance update required under the takeover regulations.

The declaration confirms that the promoter group has maintained a clean title over the shares held in Crisil Limited for the specified period without pledging or creating any charge on them.