Gufic Biosciences Gets ITAT Relief as Rs 11.88 Crore Tax Dispute Sent Back for Fresh Assessment
Mumbai: Gufic Biosciences Limited has received an order from the Income Tax Appellate Tribunal (ITAT), Mumbai, setting aside the findings of the Commissioner of Income Tax (Appeals) [CIT(A)] and remanding matters relating to its income tax assessment for the Assessment Year 2023-24 to the Assessing Officer for fresh consideration.
The company received the order dated October 15, 2026, on November 4, 2026. The order was passed in connection with the assessment under Section 143(3) read with Section 144B of the Income Tax Act, 1961.
The matter originated from an assessment order dated March 18, 2025, under which a tax demand of Rs. 11,88,88,580 was raised against the company. Subsequently, the Commissioner of Income Tax (Appeals) reduced the demand substantially to Rs. 11,76,198.
Following the relief granted by the CIT(A), the Income Tax Department filed an appeal before the ITAT challenging the decision, while Gufic Biosciences filed a cross-objection against the disallowances sustained by the appellate authority.
In its order, bearing ITA No. 7885/MUM/2025 and CO No. 30/MUM/2026, the ITAT allowed both the Income Tax Department’s appeal and the company’s cross-objection for statistical purposes. The tribunal set aside the findings of the CIT(A) and restored the matters to the file of the Assessing Officer for fresh consideration in accordance with the law.
The company clarified that the tax liability, if any, will be determined after completion of the fresh assessment proceedings. It further stated that no fresh demand arises from the ITAT order and that there is no impact on the company’s operations. Gufic Biosciences also stated that it will take appropriate steps to protect its interests during the subsequent proceedings.
Gufic Biosciences Limited is a Mumbai-based pharmaceutical company engaged in the pharmaceutical sector, with its registered office in Andheri (East), Mumbai, and manufacturing facilities in Gujarat and Karnataka.
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