Income Tax Recovery: Indrayani Biotech Files Response to About Rs 1.17 Crore Demand
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Indrayani Biotech received an Income Tax recovery letter for outstanding demands totaling about Rs 1.17 crore across Assessment Years 2011-12, 2012-13 and 2013-14. The company has filed a detailed response with the Income Tax Department in Chennai. For AY 2013-14 (Rs 98.09 lakh), it points out that the ITAT had already set aside the original order in November 2020, so the demand should not survive. For AY 2011-12 and 2012-13 (Rs 18.45 lakh), a first appeal was filed in April 2022 and is still pending, and the company has requested recovery be kept in abeyance. Management states no immediate financial impact and strong legal grounds.
No immediate financial hit claimed. Earlier ITAT ruling favours the company on one demand; outcome of pending appeal on the rest remains a key watchpoint.