Legal10 Mar 2026, 06:52 pm
Panacea Biotec Wins Tax Appeals, Dismisses Disallowances and Demands
AI Summary
Panacea Biotec Ltd. has received an order from the Income Tax Appellate Tribunal (ITAT), New Delhi on March 10, 2026, dismissing eight appeals filed by the Deputy Commissioner of Income Tax (DCIT) and allowing two appeals filed by the company. This order results in the deletion of all disallowances of expenses and the cancellation of a demand of INR 329.49 Crore previously raised by the Assessing Officer for Assessment Years 2005-06 to 2012-13. This ruling nullifies substantial contingent tax liabilities and potential penalty exposures for the company.
Key Highlights
- Panacea Biotec won eight tax appeals filed by the DCIT against the orders of CIT Appeals for Assessment Years 2005-06 to 2012-13.
- The company's two appeals against the Orders of CIT Appeals for Assessment Years 2010-11 & 2011-12 were allowed.
- All disallowances of expenses and the demand of INR 329.49 Crore have been cancelled.
- This ruling nullifies substantial contingent tax liabilities and potential penalty exposures for the company.
- The order was received on March 10, 2026, from the Income Tax Appellate Tribunal, New Delhi.