CIPLA on Tuesday said that it has received an income tax demand of 773 CRS. The IT authority issued assessment and re-assessment orders on July 12, 2024, raising an additional demand for tax (including interest) under Section 143(3) read with Section 144C or 143(3) read with Section 147 of the Income-tax Act, 1961 (‘the Act’) due to disallowances such as short deduction u/s 80IE, weighted deduction u/s 35(2AB) of the Act and disallowance of various expenditure u/s 37(1) of the Act.
The total amount is INR 773.44 crore. This does not include any refunds for any of the assessment years.
The company believes that the demands are not tenable in law. The company has adequate factual and legal grounds to support its position and does not anticipate any major impact on the company’s financial or operational performance due to the said order. The Company would file appeals against the orders under the applicable laws.
