Par Drugs And Chemicals Limited has informed the Exchange about Action(s) initiated or orders passed

Par Drugs and Chemicals Limited received an Intimation Order from the Income Tax Department, Centralised Processing Centre, Bangalore, under Section 143(1) of the Income Tax Act, 1961. The order made additions/disallowances of Rs.58,78,360/- (Rs.32 lakh towards CSR expenditure and Rs.26.78 lakh towards provision for gratuity), resulting in a tax demand of Rs.14,79,466/- plus interest of Rs.5,29,563/-, totaling Rs.20,09,030/-. The company clarified that both amounts had already been added back while computing taxable income, but were incorrectly disclosed under the wrong column in the ITR due to a clerical error. The company intends to seek rectification under Section 154 of the Income Tax Act, after which the demand is expected to be recomputed as NIL.