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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Nectar Lifesciences informed the exchanges about an update on its tax litigation. The company had filed a writ petition in the Punjab and Haryana High Court challenging a reassessment notice issued by the Income Tax Department (DCIT, Chandigarh) for assessment year 2021-22 under Section 148/148(A)(b) of the Income Tax Act. In a positive outcome, the High Court, via its order dated May 07, 2025, quashed the reassessment notice. The company has stated there is no expected financial implication from this order. Separately, the company also mentioned that it has not yet received objections from DCIT for assessment year 2017-18, which remains pending.
This is a favorable ruling for Nectar Lifesciences, as it removes the threat of an income tax reassessment for FY 2021-22 and avoids any potential tax outflow. Shareholders may view this as a relief, though the older 2017-18 matter still needs to be resolved.