Syngene International Secures Rs 8.62 Crore Income Tax Refund for AY 2014-15
New Delhi: Syngene International Limited has received an order giving effect to a decision passed by the National Faceless Appeal Centre (NFAC) for Assessment Year (AY) 2014-15, under which the company has been granted an income tax refund of Rs 8.62 crore, including interest.
The company disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, stating that it received an order dated May 14, 2026, giving effect to the NFAC's order. The communication was downloaded from the Income Tax Department's website based on an SMS received on July 6, 2026.
According to the filing, the matter relates to Assessment Year 2014-15, when the Assessing Officer had passed an order under Section 143(3) of the Income-tax Act on December 23, 2016, disallowing certain deductions claimed by the company and raising a tax demand of Rs. 16,72,20,900. Syngene subsequently filed an appeal against the disallowance on January 24, 2017.
The company further stated that the Assessing Officer later passed an order under Section 154 of the Income-tax Act on March 8, 2017, increasing the tax demand to Rs. 33,69,27,800.
Following the appeal, the National Faceless Appeal Centre (NFAC) passed an order under Section 250 of the Income-tax Act on February 13, 2026, partly allowing the company's appeal. Syngene had informed the stock exchanges regarding the appellate order through an earlier disclosure dated February 14, 2026.
Pursuant to the NFAC's decision, the Assessing Officer issued an order dated May 14, 2026, granting the company a refund of Rs. 8,62,14,600, including interest. However, Syngene clarified that although the order has been received, the refund amount is yet to be credited to the company.
The company stated that the communication pertains exclusively to Assessment Year 2014-15 and that it does not expect any material impact on its financials, operations or business activities. It added that there will be a reduction in contingent liability relating to the assessment year.
Syngene also clarified that the communication does not identify any aberrations or non-compliances, and no penalty, restriction or sanction has been imposed under the order.
According to the Syngene International regulatory filing, the company is currently analysing the order received from the tax authorities and will take appropriate action, if required. The filing also states that there are no additional developments in the matter beyond those already disclosed and that no settlement has been entered into in relation to the proceedings.
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