Indrayani Biotech Responds to Income Tax Recovery Notice

Indrayani Biotech Ltd has submitted a detailed response to the Income Tax Department, Chennai, regarding a recovery letter for outstanding tax demands pertaining to Assessment Years 2011-12, 2012-13, and 2013-14. For AY 2013-14 (Demand: ₹98,09,000), the company argues the demand does not survive as the ITAT had set aside the rectification order. For AY 2011-12 & 2012-13 (Demand: ₹18,45,520), the company has filed an appeal and requested recovery proceedings be kept in abeyance. The company states there is no immediate financial impact and it has strong legal grounds.