Income Tax dept imposes Rs 2.3 crore penalty on Torrent Pharma
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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.
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