Gufic Biosciences Limited has informed the Exchange about Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
GUFICBIO · price
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Gufic Biosciences received an income tax assessment order for Assessment Year 2023-24. The original tax demand was Rs. 11.89 crore, which was substantially reduced to Rs. 11.76 lakh after the company's appeal. However, a penalty of Rs. 23.52 lakh has been levied under Section 270A(9) of the Income Tax Act for under-reported income. The order was received on April 3, 2026. The company intends to file a further appeal with the Commissioner of Income Tax (Appeals) and is hopeful of a favourable outcome based on advice from its tax consultants.
The penalty amount of Rs. 23.52 lakh is relatively small compared to the company's financials, and the substantially reduced tax demand suggests a favourable appeal outcome. However, the company is contesting the penalty, creating uncertainty. Shareholders should monitor the outcome of the planned appeal.