Legal1 Mar 2025, 07:31 pm
Alkem Laboratories Disputes Rs. 211.34 Crores Disallowance by IT Authority for AY 2021-22
AI Summary
Alkem Laboratories Ltd. has received an order from the Office of Deputy Commissioner of Income Tax, Central Circle 8(1), Mumbai for the assessment year 2021-22. The IT Authority has disallowed part of the deduction claimed under section 80IE of the Income-tax Act, 1961, amounting to Rs. 211.34 Crores. However, no amount is payable by the Company due to the utilization of available MAT credit. This disputed amount is in addition to the amounts related to AY 2018-19, 2019-20, 2020-21, and 2022-23, previously disclosed. The Company believes that the dispute is not tenable and has adequate factual and legal grounds to substantiate its position. It plans to pursue appeals against the order under the applicable laws.
Key Highlights
- Alkem Laboratories has received a re-assessment order from the IT Authority for AY 2021-22.
- Part of the deduction claimed under section 80IE of the Income-tax Act, 1961 has been disallowed by the IT Authority.
- The disputed amount is Rs. 211.34 Crores, with no expected cash outflow as MAT credit is available.
- This disputed amount is in addition to the amounts related to AY 2018-19, 2019-20, 2020-21, and 2022-23.
- Alkem Laboratories plans to pursue appeals against the order under the applicable laws.