Tax & Penalty22 May 2026, 11:34 am
Akums Subsidiaries Get Income Tax Assessment Orders
AI Summary
Akums Drugs and Pharmaceuticals Ltd reports that its wholly-owned subsidiaries, Maxcure Nutravedics Limited, Pure and Cure Healthcare Private Limited, Malik Lifesciences Private Limited, and Nicholas Healthcare Limited, received assessment orders under Section 158BC of the Income Tax Act, 1961. The orders pertain to the block period from April 1, 2018, to March 12, 2025. The subsidiaries received demands of ₹15,23,84,730, ₹5,77,12,428, ₹80,49,432, and ₹44,97,058 respectively, due to disallowance of expenditures under Section 37(1) of the Act. The companies plan to appeal the orders, citing they are defendable and may not have a material financial impact.
Key Highlights
- Akums subsidiaries received assessment orders under Section 158BC of Income Tax Act.
- Demands totaling ₹15.23 Cr, ₹5.77 Cr, ₹0.80 Cr and ₹0.45 Cr were issued to Maxcure, Pure and Cure, Malik, and Nicholas respectively.
- The orders relate to disallowance of expenditures under Section 37(1) of the Act.
- The companies believe the demands are not sustainable and plan to appeal.
- Akums anticipates no material financial impact from these orders.
Price Impact
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