Panacea Biotec Receives ₹9.82 Cr Tax Penalty Demand

Panacea Biotec Ltd has received four Demand Orders from the Assistant Commissioner of Income Tax, Delhi, totaling approximately ₹9.82 Crore. These penalties are imposed under Section 156 of the Income Tax Act, 1961, for alleged misreporting or under-reporting of income for assessment years 2014-15 to 2016-17 and 2018-19. The company stated that it believes the demand is not maintainable and is taking necessary steps, including filing an appeal. Panacea Biotec does not anticipate any significant impact on its financial, operational, or other activities.