Cipla Faces Rs 773 Crore I-T Demand: Details - Business News
Jul 16, 2024 16:40
Cipla receives a Rs 773.44 crore demand notice from the income tax department for assessment years 2015-16 to 2022-23. The company plans to appeal the order.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jul 16 (PTI) Drug major Cipla on Tuesday said it has received Rs 773.44 crore demand notice from the income tax department for assessment years 2015-16 to 2022-23.
The I-T Authority, vide assessment and re-assessment orders dated July 12, 2024, has raised additional demand for tax on account of various disallowances of various expenses, the Mumbai-based drugmaker said in a regulatory filing.
The Rs 773.44-crore demand excludes any refund in any of the above-mentioned assessment years, it added.
"The company believes that the demands under the above referred orders are not tenable in law," Cipla said.
The drugmaker has adequate factual and legal grounds to substantiate its position and does not expect any material impact on financial or operations of the company due to the said order, it added.
The company will pursue appeals against the said orders under the applicable laws, the drugmaker said.
Shares of Cipla on Tuesday settled 0.56 per cent down at Rs 1,507.50 apiece on the BSE.
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