Jubilant Pharmova Faces Rs 22.1 Cr Income Tax Demand, Plans Rectification Appeal

In its disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company asserted that the impugned tax demand is not sustainable. Jubilant Pharmova explained that the assessment order contains clear errors on record and does not adequately take into account the explanations and contentions submitted during the assessment proceedings.

The company further stated that it is in the process of filing a rectification application with the concerned assessing officer to correct the mistakes apparent from the record. If required, the company will also challenge the assessment order before the Income Tax Appellate Tribunal (ITAT). Jubilant Pharmova expressed confidence that, after completion of the rectification or appellate process, the tax demand is likely to be deleted.

Jubilant Pharmova clarified that it does not anticipate any material financial impact arising from the said tax demand. The company expects to receive appropriate relief from the relevant assessing authority or appellate forum and does not foresee any significant adverse effect on its financial position or business operations.