Receipt of Assessment Order(s) by certain subsidiaries from Income Tax Department

Four wholly-owned subsidiaries of Akums Drugs and Pharmaceuticals have received assessment orders under Section 158BC of the Income Tax Act from the Deputy Commissioner of Income Tax, Central Circle 1, New Delhi. The orders cover the block period from April 1, 2018 to March 12, 2025. Total tax demands across the subsidiaries amount to approximately Rs. 22.26 crore, with the largest demand of Rs. 15.24 crore against Maxcure Nutravedics Limited, followed by Rs. 5.77 crore against Pure and Cure Healthcare Private Limited, Rs. 80.49 lakh against Malik Lifesciences Private Limited, and Rs. 44.97 lakh against Nicholas Healthcare Limited. All demands relate to disallowance of various expenditures under Section 37(1) of the Income Tax Act. The company states that based on internal assessment, it does not expect material financial impact as the demands may not be sustainable and are defendable, and the subsidiaries plan to pursue appeals under applicable laws.