IT Department sends Rs 773 crore demand notice to Cipla
Mumbai: Pharmaceutical giant Cipla has disclosed that it has received a demand notice amounting to Rs 773.44 crore from the Income Tax Department. The notice pertains to the assessment years spanning from 2015-16 to 2022-23.
The Rs 773.44-crore demand excludes any refund in any of the above-mentioned assessment years, the Company stated in a BSE filing.
"The Company believe that the demands under the above referred Orders are not tenable in law. The Company has adequate factual and legal grounds to substantiate its position and does not expect any material impact on financial or operations of the Company due to the said order." it added.
"The Company would pursue appeals against the said orders under the applicable laws," it further added.
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Established in 1935, Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in its home markets of India, South Africa, North America, and key regulated and emerging markets. It has strengths in the respiratory, anti-retroviral, urology, cardiology, anti-infective, and CNS segments. It has 47 manufacturing sites around the world which produces 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to its 80+ markets.
Read also: Orchid Pharma collaborates with Cipla to unveil antibiotic Cefepime-Enmetazobactam in India
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