Cipla Slapped With Additional Tax Demand Worth Rs 773 Crore
The stock fell as much as 0.93% during the day to Rs 1,503.1 apiece on the NSE.
Cipla Ltd. has received an additional tax demand worth Rs 773.4 crore, including interest, from the income tax authority for assessment years 2015–16 to 2022–23 on account of various disallowances, including short deduction and weighted deduction.
The office of the deputy commissioner of income tax in Mumbai, via assessment and reassessment orders dated July 12, has raised the additional demand. It excludes any refund in any of the above-mentioned assessment years, according to an exchange filing on Tuesday.
The pharmaceutical company claimed that the demands were not tenable in law and had "adequate factual and legal grounds" to substantiate its position. Cipla does not expect any material impact on financial or operations, it said. "The company would pursue appeals against the said orders under the applicable laws."
Cipla's stock fell as much as 0.93% during the day to Rs 1,503.1 apiece on the NSE. It was trading 0.51% lower at Rs 1,509.5 per share, compared to a 0.18% advance in the benchmark Nifty as of 1:31 p.m.
