ITAT Wipes ₹3,885 Cr Angel Tax Demand Off PRISM, Clearing OYO's Path To Third IPO Attempt
The tribunal reversed a ₹3,885.51 Cr angel tax order tied to share premium from parent Oravel Stays during PRISM's 2021-22 CCPS issue. Relief lands as the rebranded OYO eyes a $7-8 Bn IPO with a ₹6,650 Cr fresh issue, removing a key contingent liability from its prospectus.
ITAT granted IPO-bound PRISM (formerly OYO) relief from a ₹3,885.51 Cr angel tax demand tied to share premium received from parent Oravel Stays during its 2021-22 CCPS issue, ahead of its third IPO attempt at $7-8 Bn valuation.
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