Income Tax dept imposes Rs 2.3 crore penalty on Torrent Pharma
Ahmedabad: The Assessment Unit of Income Tax Department has passed order against Torrent Pharma under Section 271(1)(c) of the Income Tax Act, 1961, imposing a penalty of Rs 2,31,86,725/-.
The order alleges penalty on certain tax adjustments.
"Based on the Company assessment, the Company will pursue an appeal and is hopeful of favorable outcome at higher forum and does not expect the said Order to have any material financial impact on the Company," Torrent informed in a BSE filing.
Read also: Torrent Pharma Receives USFDA Clearance for Pithampur Facility with VAI Classification
Torrent Pharmaceuticals, headquartered in Ahmedabad, Gujarat, is a prominent Indian pharmaceutical company known for developing, manufacturing, and marketing branded and generic medications. It operates across various therapeutic areas, including cardiovascular, central nervous system, and diabetes care, with a strong presence in both regulated and emerging global markets.
Read also: Indian Pharma Market grows at 6.8 percent in October, Chronic Therapies Dominate: IQVIA
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