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ZHL received intimation under Section 143(1) of the IT Act for the assessment year 2023-2024 from the Centralized Processing Centre (CPC), Income Tax Department.
The demand is determined due to deduction of claim not allowed under sections 80-IE and 80-JJAA of the IT Act without any basis and given short credit of taxes deducted / paid. However, Zydus Healthcare strongly believes that once the rectification will be made, the entire demand will be deleted.
Based on the assessment and advice of the learned counsel, ZHL doesn’t expect the intimation to have any material financial impact as above mentioned adjustments are not sustainable in law and are wholly defendable on the facts of the case.
Zydus Healthcare has already disagreed to the above mentioned demand on the e-filing portal of the Income Tax Department. It has decided to file the Rectification Application under Section 154 of the IT Act before the CPC as well as before the Jurisdictional Assessing Officer against the said intimation. Once the rectification order is passed, the entire demand will be deleted, stated ZHL.
Zydus Lifesciences is a discovery-driven, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.
The company’s consolidated net profit surged 53.2% to Rs 800.7 crore on 9.1% increase in revenue from operations to Rs 4,368.8 crore in Q2 FY24 over Q2 FY23.
The scrip rose 0.10% to currently trade at Rs 676.85 on the BSE.
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