Oxygenta Pharmaceutical Ltd. Annuls Disputed Demand of Rs. 41,31,351 from State Tax Authority

Oxygenta Pharmaceutical Ltd., a subsidiary of Virupaksha Organics Limited, has announced the annulment of a disputed demand of Rs. 41,31,351 (Rupees Forty-One Lakhs Thirty-One Thousand Three Hundred and Fifty-One Only) raised by the Office of the Appellate Joint Commissioner of State Tax, Punjagutta Division. The demand was raised for the tax periods from 01-04-2017 to 31-03-2018 (2017-18) on account of ITC to be recovered on non-business transactions & exempt supplies. The company filed an appeal (No.AD3602240136692) on 24.02.2024, which was successful. The order was received on 19.02.2026, and there will be no impact on the company's financial, operational, or other activities.