Gufic Biosciences Resolves Income Tax Dispute, Demand Substantially Reduced
Gufic Biosciences Limited announced on April 3, 2026, that a tax demand initially totaling Rs. 118,888,580 has been substantially reduced to Rs. 11,761,98 following an appeal to an appellate authority. The initial demand stemmed from an assessment order issued by the Income Tax Department for the Assessment Year 2023-24.Additionally, the company disclosed a penalty of Rs. 23,523,96 has been levied under Section 270A(9) of the Income Tax Act due to under-reported income.
Gufic Biosciences is currently evaluating the order and plans to take appropriate steps, including potential further appeals, based on the advice of its tax consultants. The company anticipates a favorable outcome from the Commissioner of Income Tax (Appeals). The impact on the company's financial activities is currently being assessed, and management believes the outcome will be positive. The order was received by the company on March 25, 2026.
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