Income tax demand of about Rs 4.32 Crore; company to appeal
PANACEABIO · price
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Panacea Biotec received two demand orders from the Income Tax Department, Delhi, alleging misreporting or under-reporting of income for assessment years 2022-23 and 2023-24. The aggregate penalty demand is about Rs 4.32 Crore under Section 270A of the Income Tax Act. The company says the demand is not maintainable and will file an appeal with the appellate authority, expecting no significant impact on its finances or operations.
Company plans to contest the demand and says no material financial impact is expected.