Legal3 April 2026 at 01:51 pm
Gufic Biosciences Ltd.: Tax Demand Substantially Reduced, Penalty Imposed in Income Tax Appeal
AI Summary
Gufic Biosciences Ltd. has received an order from the Income Tax Department, reducing a tax demand for Assessment Year 2023-24 from approximately 11.89 crores to 11.76 lakhs. However, a penalty of 23.52 lakhs has been levied under Section 270A(9) of the Income Tax Act, 1961, for under-reported income. The company is currently evaluating the order and plans to file an appeal before the Commissioner of Income Tax (Appeals) within the prescribed time limit, expecting a favorable outcome.
Key Highlights
- Gufic Biosciences Ltd. received an assessment order under Section 143(3) read with Section 144B of the Income Tax Act, 1961 for Assessment Year 2023-24.
- An initial tax demand of 11.89 crores was raised, but it has been substantially reduced to 11.76 lakhs following an appeal.
- A penalty of 23.52 lakhs has been imposed under Section 270A(9) of the Income Tax Act, 1961 for under-reported income.
- The company is currently evaluating the order and intends to file an appeal before the Commissioner of Income Tax (Appeals).
- Gufic Biosciences Ltd. expects a favorable outcome at the Appellate Authority based on their assessment, prevailing law, and the advice of their tax advisor.
GUFICBIOPharmaceuticals
GUFIC BIOSCIENCES LTD.Price Impact