SMS Pharmaceuticals Limited Receives Income Tax Demand Notice
SMS Pharmaceuticals Limited announced that it received a demand notice under Section 156 of the Income Tax Act, 1961, from the Assessment Unit, Income Tax Department, for the assessment year 2018-19. The notice raised a demand of Rs. 7.19 crores. Additionally, penalty proceedings under Section 270A have been initiated separately for underreporting of income.According to the company, the assessment order under Section 147 read with section 144B of the Income Tax Act, 1961, includes an addition of income and a disallowance of deduction under Section 35 of the Act.
SMS Pharmaceuticals Limited is currently reviewing the order and evaluating further action to be taken. The company stated that this matter is not expected to have a material impact on its financial, operational, or other activities at this time.
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