Jubilant Pharmova Gets Rs 65 Crore Tax Relief as FY24 Income Tax Adjustment Cut by 61%
New Delhi: Jubilant Pharmova Limited has informed the stock exchanges that its wholly owned step-down subsidiary, Jubilant Generics Limited (JGL), has received a rectification order from the Income Tax Department for the Assessment Year (AY) 2023-24, resulting in a significant reduction in the tax adjustments raised against the company.
According to the filing, Jubilant Generics Limited had filed a rectification application regarding the income assessed by the Income Tax Department for AY 2023-24. Following the rectification, the total tax adjustments have been reduced from Rs 107.89 crore to Rs 42.41 crore.
The company further clarified that while the rectification has resulted in a substantial reduction in the tax adjustments, its appeal on the merits of the case continues separately before the Commissioner of Income Tax (Appeals) [CIT(A)].
As part of the disclosure, Jubilant Pharmova stated that the rectification order was received on June 23, 2026, at 10:17 PM (IST). The company also informed investors that the disclosure has been simultaneously made available on its official website. In the annexure accompanying the filing, the company stated that Jubilant Generics Limited has received the rectification order dated June 23, 2026, reducing the tax adjustments for AY 2023-24 from Rs 107.89 crore to Rs 42.41 crore.
The annexure also noted that the disclosure regarding litigation against key management personnel, promoters or the ultimate person in control is not applicable in this matter. Further, the company stated that Jubilant Generics Limited has received relief from the relevant Transfer Pricing Officer, resulting in the restoration of tax losses amounting to Rs 65.48 crore.
According to the regulatory filing submitted by Jubilant Pharmova, the rectification order has substantially reduced the tax adjustments relating to AY 2023-24, while the company's appeal on the merits of the assessment continues before the appellate authority.
