Gufic Biosciences Wins Appeal Against Rs 4.33 Crore Income Tax Demand for AY24-25
Mumbai: Gufic Biosciences Limited has received an appellate order allowing its appeal against an income tax demand of Rs 4,33,36,680 for Assessment Year 2024-25, with the order providing for deletion of the tax demand upon being given effect.
The appeal was filed by Gufic Biosciences before the Commissioner of Income Tax (Appeals) against the income tax demand of Rs 4,33,36,680. The demand had arisen pursuant to computation under Section 143 of the Income Tax Act on account of disallowance of expenditure. The Commissioner of Income Tax (Appeals) has allowed the company's appeal in its favour.
Gufic Biosciences received the order on September 29, 2026.
The company has referred to the same matter while providing details of the alleged violation or contravention, with the disclosure stating that the details are covered under the nature and details of the action mentioned in the filing.
In terms of the financial impact, Gufic Biosciences stated that the appellate order, once given effect, shall result in deletion of the income tax demand of Rs 4,33,36,680 raised for Assessment Year 2024-25.
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