Panacea Biotec Loses Appeal Against Penalty Orders for Alleged Under-Reporting of Income

Panacea Biotec Ltd. has lost its appeal in the Office of the Commissioner of Income Tax (Appeals), New Delhi against Penalty Orders issued by the Assistant Commissioner of Income Tax, New Delhi. The penalty was imposed for alleged under-reporting of income, resulting in a demand of approximately ₹9.38 Crore. The Company is planning to take necessary steps including filing an appeal with the appellate authority against the CIT(A)'s Order. The Company does not foresee any significant impact on its financial, operational, or other activities.