Gufic Biosciences: ITAT sets aside Income Tax order for fresh assessment

Gufic Biosciences Ltd has received an order from the Income Tax Appellate Tribunal (ITAT), Mumbai, concerning the assessment year 2023-24. The ITAT has allowed both the Income Tax Department's appeal and the company's cross-objection for statistical purposes, setting aside the Commissioner of Income Tax (Appeals) findings. The matter is now restored to the Assessing Officer for fresh consideration. Previously, a tax demand of ₹11,88,88,580 was raised, which was reduced to ₹11,76,198 by the CIT(A). The ITAT's order implies no immediate demand arises, and the final tax liability will be determined after the fresh assessment proceedings. The company intends to take appropriate steps to protect its interests.