Alivus Life Sciences Receives Income Tax Assessment Order
Mumbai, March 21, 2026 – Alivus Life Sciences Limited, formerly Glenmark Life Sciences Limited, announced receipt of an order from the Income Tax Department’s Faceless Assessment Unit. The order, dated March 20, 2026, pertains to the assessment for Assessment Year 2023-24 (Financial Year 2022-23).According to the order, a tax demand, including applicable interest, totaling Rs. 2,60,67,810 is due on account of disallowances of expenditure under Section 37(1) of the Income Tax Act, 1961.
The Income Tax Department issued the order on March 20, 2026, at approximately 7:30 pm. Alivus Life Sciences indicated that the order is currently appealable before the appellate authority and the company will evaluate the option to appeal.
The company stated that the order is not expected to have a material impact on its financial, operational, or other activities.
| Particulars | Details |
|---|---|
| Name of the authority; | Income Tax Department, Faceless Assessment Unit. |
| Nature and details of the action(s) taken, initiated or order(s) passed; | Order u/s 143(1) read with Section 144B of Income Tax Act, 1961 dated 20th March, 2026. |
| Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority; | 20th March, 2026 around 7:30 pm |
| Details of the violation(s) /contravention(s) committed or alleged to be committed; | Income Tax Department has completed the regular assessment under Section 143(3) and passed assessment order pertaining to AY 2023-24 (FY 2022-23), wherein there is a tax demand including applicable interest amounting to Rs. 2,60,67,810 on account of disallowances of expenditure u/s 37(1). |
| Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible. | There is no material impact on financial, no impact on operations or other activities of the Company due to the intimation of tax payable. This Order is currently appealable before the appellate authority &the Company will make an assessment to exercise the right to appeal. |
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