Jubilant Generics Secures Tax Relief: Income Tax Department reduces adjustments by over 60% in AY 2023-24
Jubilant Pharmova Ltd.'s wholly owned step down Indian subsidiary, Jubilant Generics Limited (JGL), has received a favorable order from the Income Tax department concerning income assessed for Assessment Year (AY) 2023-24. The rectification application filed by JGL resulted in significant reductions to previously assessed tax adjustments.The rectification granted by the Income Tax Department drastically reduced the total tax adjustments imposed on the company. Initial adjustments stood at Rs. 107.89 crs, which were subsequently revised down to Rs. 42.41 crs.
This legal development provided JGL with relief from the relevant Transfer Pricing Officer (TPO), leading to the restoration of tax losses amounting to Rs. 65.48 crs.
The details of the proceedings and subsequent outcomes are summarized in the table below:
| Detail | Initial Tax Adjustment Amount | Reduced Tax Adjustment Amount |
|---|---|---|
| Total Tax Adjustments (AY 2023-24) | Rs. 107.89 crs | Rs. 42.41 crs |
While the rectification order has been received, JGL is simultaneously pursuing an appeal on merit before the CIT(A). The company continues to pursue legal remedies regarding this matter as needed.
JUBLPHARMA Stock Price Movement
Jubilant Pharmova Limited's shares closed today, slipping by 0.65% to settle at ₹972.80. The stock traded within an intraday range of ₹962.50 to ₹979.30, recording a total volume of 57,239 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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