Panacea Biotec Ltd's Tax Liability for AY 2015-16 Determined as Nil After Rectified Order
Panacea Biotec Ltd confirmed that the tax liability for the Assessment Year 2015-16 has been determined as Nil following the issuance of a rectified Assessment Order. The company reported this update concerning its tax matters.The company previously informed stakeholders about a demand order dated February 27, 2026, issued by the Deputy Commissioner of Income Tax (DCIT), New Delhi. This initial order had resulted in a total tax demand aggregating to approximately ₹ 45.71 Crore for the Assessment Year 2015-16, stemming from the disallowance of certain expenditures.
In response, Panacea Biotec Ltd filed a rectification application under the Income Tax Act, 1961. The application sought to correct apparent errors in the record, specifically addressing the double addition of disallowances and the exclusion of set-off for brought-forward losses.
The company announced that the DCIT subsequently issued a rectified Assessment Order dated April 06, 2026. Under the terms of this order, the identified errors were corrected, leading to the determination of the company's tax liability for AY 2015-16 as Nil.
The details of this material development are presented below:
| Detail | Information |
|---|---|
| Listed Entity | Panacea Biotec Limited |
| Type of Communication Received | Rectified Assessment Order dated 06.04.2026 from the Office of the Deputy Commissioner of Income Tax, New Delhi under the Income Tax Act, 1961 |
| Date of Receipt | 06.04.2026 |
| Authority | Office of the Deputy Commissioner of Income Tax, New Delhi |
| Summary of Material Contents | The DCIT issued the rectified Assessment Order, correcting errors apparent from the record, such as double addition of disallowances and omission of set-off for brought-forward losses. The company's tax liability for AY 2015-16 is determined as Nil. |
| Period Applicable | Assessment Year 2015-16 |
| Expected Financial Implications | Positive Impact: The rectification successfully nullified the tax demand for AY 2015-16. The Company does not foresee any adverse impact on its financial, operational, or other activities arising from this order. |
Panacea Biotec Ltd stated that the rectification successfully nullified the tax demand for AY 2015-16, and the company does not foresee any adverse impact on its financial, operational, or other activities resulting from the order.
PANACEABIO Stock Price Movement
As of 11:56 AM, Panacea Biotec Limited shares are rallying to ₹325.5, marking an increase of 1.06% in live trading. Trading activity currently sees the stock moving on a volume of 30,646 shares.Source:
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