Nectar Lifesciences Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
NECLIFE · price
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Awaiting price reaction for this filing.
Nectar Lifesciences has informed the stock exchanges that the Punjab and Haryana High Court has quashed income tax reassessment notices issued by the Deputy Commissioner of Income Tax (DCIT), Chandigarh for three assessment years (2018-19, 2019-20, and 2020-21). The company had filed a writ petition challenging notices under Section 148 and 148(A)(b) of the Income Tax Act, 1961. The financial implication is NIL as the notices stand quashed. However, the company is still pursuing quashing of a similar notice for assessment year 2021-22, and objections for AY 2017-18 are still pending with DCIT.
This is a positive outcome for shareholders as the company has won relief from potential tax reassessment liability for three years, with no financial impact. The ongoing matters for AY 2021-22 and 2017-18 remain open and could still pose some risk.