Solara Active Pharma Sciences Limited has informed the Exchange about the receipt of Demand Notice from the Income Tax Authorities.
SOLARA · price
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On the reaction day the stock moved 4.8 pts more than Nifty Microcap 250 and 3.8 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Solara Active Pharma Sciences has received a tax demand notice of Rs. 161.92 Crores from the Income Tax Department (Deputy Commissioner of Income Tax, Central Circle-3, Thane) for Assessment Year 2019-20. The demand arose from the disallowance of certain expenses claimed by the company in its income tax return. The company has stated it will file an appeal before the Appellate Authority within the prescribed timeline. No penalty, restriction, or sanction has been imposed beyond the tax demand itself.
While the demand size is significant, the company believes it has strong grounds to contest and does not expect any material financial impact. Short-term stock sentiment may be negative due to the large demand figure, but the outcome remains uncertain pending the appeal. Shareholders should monitor the appeal process closely.