Akums Drugs and Pharmaceuticals Limited has informed the Exchange about receipt of Assessment Order(s) from Income Tax Department

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AI summary

Akums Drugs and Pharmaceuticals Limited and its subsidiary Akumentis Healthcare Ltd. (AHL) have received assessment orders under Section 158BC of the Income Tax Act, 1961, covering a block period from 01.04.2018 to 12.03.2025. The Company has been assessed a demand of Rs. 60.09 crore while AHL faces a demand of Rs. 73.66 crore, totalling approximately Rs. 133.75 crore. The demands arise from disallowance of various expenditures under Section 37(1) of the Income Tax Act. Both entities state that based on internal assessment, they do not expect material financial impact as the demands are not sustainable in law and are defendable. Both companies intend to pursue appeals under applicable laws.

Likely market impact

The combined tax demand of around Rs. 133.75 crore across the company and its subsidiary is significant but management believes the orders are defendable. Until appeals are resolved, there may be some uncertainty for investors regarding potential cash outflow implications.