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Drugmaker Cipla said it has received an additional tax demand of ₹773.44 crore from the Income Tax department for the assessment year 2015-16 to 2022-23.
The assessment and re-assessment orders raised an additional demand for tax (including interest) “on account of various disallowances including short deduction u/s 80IE of the (Income Tax) Act, weighted deduction u/s 35(2AB) of the Act and disallowance of various expenditure u/s 37(1) of the Act, etc,” the company told BSE. The directive “excluded any refund in any of the above-mentioned assessment years,” it added.
Cipla said, “the demands under the above referred Orders are not tenable in law. The Company has adequate factual and legal grounds to substantiate its position and does not expect any material impact on financial or operations of the Company due to the said order.”
It would pursue appeals against the said orders under the applicable laws, it added. .
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